MN SF2352

Accelerates federal income tax charitable deduction benefits for cash contributions to Haitian earthquake relief to apply under Minnesota state income tax law effective January 22, 2010.

Makes provisions of federal Public Law 111-126 effective for Minnesota purposes at the same time they became effective federally, applying to the charitable contribution subtraction under Minnesota Statutes section 290.01, subdivision 19b, clause (6).

Allows individuals who do not itemize deductions for federal income tax purposes to subtract 50 percent of charitable contributions exceeding $500, consistent with accelerated federal provisions for disaster relief donations.

Updates Minnesota's reference to the Internal Revenue Code to March 31, 2009 for purposes of determining net income for taxable years beginning after December 31, 1996.

Effective the day following final enactment (signed into law March 9, 2010).