MN SF3567

Adds Social Security benefits to Minnesota state income tax subtractions effective for taxable years beginning after December 31, 2015.

Establishes a new tax on net investment income exceeding $250,000 for individuals, estates, and trusts as defined under Internal Revenue Code section 1411(c).

Directs the Commissioner of Revenue to determine a tax rate for net investment income by January 15, 2017, set at an amount sufficient to offset projected revenue losses from the Social Security subtraction.

Tax rate for net investment income must be rounded to the nearest one-tenth of one percent and published annually by the Commissioner.

Modifies alternative minimum taxable income definitions to include the Social Security subtraction as a deductible item effective for taxable years beginning after December 31, 2015.