as introduced - 92nd Legislature (2021 - 2022) Posted on 03/11/2021 04:58pm
A bill for an act
relating to taxation; income; excluding loans forgiven under the paycheck protection
program from gross income; allowing expense deductions.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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This section applies for the purpose of calculating:
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(1) net income, as defined in Minnesota Statutes, section 290.01, subdivision 19;
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(2) income, as defined in Minnesota Statutes, section 290.0674, subdivision 2a;
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(3) alternative minimum taxable income, as defined in Minnesota Statutes, section
290.091, subdivision 2;
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(4) alternative minimum taxable net income, as defined in Minnesota Statutes, section
290.0921, subdivision 2; and
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(5) income, as defined in Minnesota Statutes, section 290A.03, subdivision 3.
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"Internal Revenue Code" has the meaning given in Minnesota Statutes, section
290.01, subdivision 31, as amended through the date specified in that subdivision, but
including the following amendments:
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(1) the exclusion from gross income under Public Law 116-136, section 1106(i); and
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(2) the exclusion from gross income in section 276, paragraph (b), of the COVID-related
Tax Relief Act of 2020 in Public Law 116-260.
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This section is effective retroactively at the same time the
provisions of federal law specified in subdivision 2, clauses (1) and (2), were effective for
federal purposes.
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