SF 2300

as introduced - 92nd Legislature (2021 - 2022) Posted on 05/14/2021 03:37pm

A bill for an act
relating to taxation; providing a onetime individual income tax subtraction for
certain unemployment compensation payments.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin ONETIME INDIVIDUAL INCOME TAX SUBTRACTION FOR
CERTAIN UNEMPLOYMENT COMPENSATION PAYMENTS.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin For the purposes of this section:
new text end

new text begin (1) "subtraction" has the meaning provided in Minnesota Statutes, section 290.0132,
subdivision 1;
new text end

new text begin (2) "adjusted gross income" has the meaning provided in Minnesota Statutes, section
290.01, subdivision 21a; and
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new text begin (3) "unemployment benefits" has the meaning provided in Minnesota Statutes, section
268.035, subdivision 26a.
new text end

new text begin Subd. 2. new text end

new text begin Subtraction allowed. new text end

new text begin For taxable years beginning after December 31, 2019,
and before January 1, 2021, the amount of unemployment benefits received by an individual,
up to $10,200, is a subtraction. In the case of a married couple filing a joint return, the
subtraction allowed under this subdivision may be claimed by both spouses. The subtraction
applies only to taxpayers whose adjusted gross income, regardless of filing status, is less
than $150,000.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively for taxable years beginning
after December 31, 2019, and before January 1, 2021.
new text end