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Minnesota Legislature

Office of the Revisor of Statutes

SF 1893

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; individual income; providing for the phaseout threshold for
the alternative minimum tax exemption to be adjusted for inflation; amending
Minnesota Statutes 2006, section 290.091, subdivision 3.

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

Section 1.

Minnesota Statutes 2006, section 290.091, subdivision 3, is amended to read:


Subd. 3.

Exemption amount.

(a) For purposes of computing the alternative
minimum tax, the exemption amount is:

(1) for taxable years beginning before January 1, 2006, the exemption determined
under section 55(d) of the Internal Revenue Code, as amended through December 31,
1992; and

(2) for taxable years beginning after December 31, 2005, $60,000 for married
couples filing joint returns, $30,000 for married individuals filing separate returns, estates,
and trusts, and $45,000 for unmarried individuals.

(b) The exemption amount determined under this subdivision is subject to the phase
out under section 55(d)(3) of the Internal Revenue Code, except that alternative minimum
taxable income as determined under this section must be substituted in the computation
of the phase outnew text begin, and the income threshold used in the phaseout must be adjusted for
inflation as provided in paragraph (c)
new text end.

(c) For taxable years beginning after December 31, 2006, the exemption amount
under paragraph (a), clause (2), new text beginand the income threshold for the phaseout under paragraph
(b)
new text endmust be adjusted for inflation. The commissioner shall make the inflation adjustments
in accordance with section 1(f) of the Internal Revenue Code except that for the purposes
of this subdivision the percentage increase must be determined from the year starting
September 1, 2005, and ending August 31, 2006, as the base year for adjusting for
inflation for the tax year beginning after December 31, 2006. The determination of the
commissioner under this subdivision is not a rule under the Administrative Procedure Act.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2006.
new text end