MN HF2957

Adds a new subtraction from federal taxable income for deposits to qualified tuition savings plans under Minnesota Chapter 136G, effective for tax years beginning after December 31, 2013.

Allows a maximum subtraction of $10,000 for married taxpayers filing jointly or $5,000 for all other taxpayers for amounts deposited during the taxable year.

Amends Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19b to add this provision as clause (19) to existing subtractions from federal taxable income.