1.1 	A bill for an act
1.2 	relating to taxation; income; excluding forgiven loans from gross income.
1.3 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.4 	Section 1. FORGIVEN LOANS TO BE EXCLUDED FROM GROSS INCOME.
 1.5 	For the purposes of calculating the corporate franchise tax imposed in Minnesota Statutes, 
1.6 	section 290.02, or the individual income tax imposed in Minnesota Statutes, section 290.03:
1.7 	(1) "Internal Revenue Code" has the meaning given in Minnesota Statutes, section 
1.8 	290.01, subdivision 31; except
1.9 	(2) "Internal Revenue Code" additionally incorporates the exclusion from gross income 
1.10 	for a discharge of indebtedness under Public Law 116-136, section 1106(i).

1.11 	EFFECTIVE DATE. This section is effective for taxable years beginning after December 
1.12 	31, 2019, and before January 1, 2021.