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MN SF3982

Bill

Official Source

Status

Introduced

3/4/2020

Primary Sponsor

Jason Isaacson

Click for details

Origin

Senate

91st Legislature 2019-2020

AI Summary

  • Amends Minnesota Statutes section 290.993 to exclude discharged student loans from gross income for tax year 2018.
  • Applies to individual income taxpayers and partnerships filing composite returns for taxable years beginning after December 31, 2017, and before January 1, 2019.
  • Allows taxpayers to choose between taking the standard deduction or itemizing for Minnesota tax purposes, regardless of their federal return election.
  • Excludes certain federal tax code sections from the adjustment calculation, including sections related to the Tax Cuts and Jobs Act.
  • Effective retroactively for taxable years beginning after December 31, 2017, and before January 1, 2019.

Legislative Description

Individual income tax exclusion from gross income for discharged student loans for tax year 2018

Last Action

Referred to Taxes

3/4/2020

Committee Referrals

Taxes3/4/2020

Full Bill Text

No bill text available