as introduced - 92nd Legislature (2021 - 2022) Posted on 04/09/2021 09:00am
A bill for an act
relating to taxation; income and corporate franchise; providing a onetime subtraction
for small business relief grants.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) For taxable years beginning
after December 31, 2019, and before January 1, 2021, the amount of any grant received by
a qualifying business is a subtraction.
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(b) For purposes of this subdivision:
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(1) "qualifying business" is a business that received a grant under Laws 2020, First
Special Session chapter 1, section 4; and
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(2) "subtraction" has the meaning provided in Minnesota Statutes, section 290.0132,
subdivision 1.
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(a) For taxable years beginning after
December 31, 2019, and before January 1, 2021, the amount of any grant received by a
qualifying business that is a corporation, other than an S corporation, is a subtraction.
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(b) For purposes of this subdivision:
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(1) "qualifying business" is a business that received a grant under Laws 2020, First
Special Session chapter 1, section 4; and
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(2) "subtraction" has the meaning provided in Minnesota Statutes, section 290.0134,
subdivision 1.
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This section is effective retroactively for taxable years beginning
after December 31, 2019, and before January 1, 2021.
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