MN SF2907

Adds a new subtraction from Minnesota state taxable income for shareholders of S corporations and partners in partnerships equal to 50.8 percent of their total undistributed Minnesota net partnership and S corporation income, to the extent included in federal taxable income.

The subtraction applies to individuals, estates, and trusts who receive pass-through income from S corporations or partnerships.

Effective for taxable years beginning after December 31, 2014.

Amends Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19b by adding clause (19).