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MN HF4596

Bill

Official Source

Status

Introduced

4/28/2020

Primary Sponsor

Gregory Davids

Click for details

Origin

House of Representatives

91st Legislature 2019-2020

AI Summary

  • Excludes discharged indebtedness from gross income for both corporate franchise tax (Minnesota Statutes section 290.02) and individual income tax (Minnesota Statutes section 290.03) purposes.

  • Incorporates the federal exclusion for discharge of indebtedness under Public Law 116-136, section 1106(i) into Minnesota's Internal Revenue Code definition.

  • Applies to taxable years beginning after December 31, 2019, and before January 1, 2021.

  • Referred to the Committee on Taxes.

Legislative Description

Income tax; forgiven loans excluded from gross income.

Last Action

Author added Robbins

5/15/2020

Committee Referrals

Taxes4/28/2020

Full Bill Text

No bill text available