MN HF4865

Repeals Minnesota's alternative minimum tax (AMT) imposed under section 290.091, effective for taxable years beginning after December 31, 2021.

Amends section 290.0136 to remove references to alternative minimum taxable income in calculations of net income, taxable net income, and taxable income.

Amends section 290.491 to remove alternative minimum tax references from provisions regarding tax on gain from forced farm property sales in bankruptcy proceedings.

Removes the 6.75 percent alternative minimum tax rate and related exemption amounts that previously applied to individuals, estates, and trusts with preference income items.

Eliminates minimum tax credit provisions that allowed taxpayers to claim credits for prior years' alternative minimum tax liability.