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HF 2765

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/10/2022 03:54pm

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

Bill Text Versions

Engrossments
Introduction Posted on 01/24/2022

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
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A bill for an act
relating to taxation; individual income; allowing a temporary subtraction for
unemployment benefits.

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

Section 1. new text beginTEMPORARY INDIVIDUAL INCOME TAX SUBTRACTION;
UNEMPLOYMENT INSURANCE BENEFITS.
new text end

new text begin (a) For the purposes of this section the following terms having the meanings given:
new text end

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

new text begin (2) "unemployment compensation" has the meaning given in section 85(b) of the Internal
Revenue Code.
new text end

new text begin (b) For taxable years beginning after December 31, 2020, and before January 1, 2022,
an individual taxpayer is allowed a subtraction equal to the amount of unemployment
compensation received in the taxable year, subject to the limit in paragraphs (c) and (d).
new text end

new text begin (c) The subtraction is limited to $10,200, except for a joint return the subtraction is
limited to $10,200 in unemployment compensation received by each spouse.
new text end

new text begin (d) The limit in paragraph (c) is reduced by five percent of adjusted gross income in
excess of:
new text end

new text begin (1) $150,000 for a joint return; or
new text end

new text begin (2) $75,000 for all other filers.
new text end

new text begin In no case is the limit less than $0.
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, 2020, and before January 1, 2022.
new text end