MN HF3670

Amends Minnesota Statutes section 290.993 to exclude student loans discharged in tax year 2018 from gross income for individual income taxpayers and partnerships filing composite returns.

Applies to taxable years beginning after December 31, 2017, and before January 1, 2019.

Allows taxpayers to either take the standard deduction or itemize for Minnesota individual income tax purposes regardless of their federal return election.

Excludes certain sections of the Tax Cuts and Jobs Act (sections 11012, 11031, 13101-13207, 13301-13303, 13313, 13502-13503, 13801, 14101-14102, 14211-14215, and 14501 of Public Law 115-97, and section 40411 of Public Law 115-123) from the tax adjustment calculation.

Effective retroactively for taxable years beginning after December 31, 2017, and before January 1, 2019.