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MN HF1955

Bill

Official Source

Status

Introduced

2/25/2014

Primary Sponsor

Ron Erhardt

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Adds a new subtraction from Minnesota state taxable income for contributions made to a college savings plan account qualifying under Internal Revenue Code Section 529.

  • Limits the subtraction to $10,000 per tax year for married couples filing joint returns and $5,000 for all other filers.

  • Excludes amounts rolled over from other college savings plan accounts from the subtraction.

  • Effective for taxable years beginning after December 31, 2013.

Legislative Description

Individual income tax subtraction for contributions to a Minnesota college savings plan provided.

Last Action

Author added Garofalo

3/13/2014

Committee Referrals

Taxes2/25/2014

Full Bill Text

No bill text available