MN HF4731

Adds a tax subtraction for gains from dispositions of Section 1250 property (depreciable realty) when manufactured home parks classified as 4c(5)(ii) or 4c(5)(iii) are sold to a manufactured home park cooperative.

Expands the subtraction to also allow nonprofit corporations as eligible purchasers of manufactured home parks, in addition to cooperatives.

Adds Section 1250 property gain subtraction to Minnesota Statutes 290.0132 (individual income tax) and 290.0134 (corporate income tax).

Amends the alternative minimum taxable income definition in Minnesota Statutes 290.091 to include the new Section 1250 property subtraction in the calculation.

Effective for dispositions made in taxable years beginning after December 31, 2021.