MN SF2704

Allows a subtraction from Minnesota state income tax for contributions made to college savings plans established under section 529 of the Internal Revenue Code.

Limits the subtraction to $4,000 annually for married joint filers and $2,000 annually for all other filers.

Applies to taxable contributions made in tax years beginning after December 31, 2013.

Adds this 529 contribution deduction as clause (19) to the existing list of subtractions from federal taxable income for individuals, estates, and trusts under Minnesota Statutes section 290.01, subdivision 19b.