Loading chat...
MN HF5405
Bill
Status
4/24/2024
Primary Sponsor
Dave Baker
Click for details
AI Summary
HF 5405 Summary
-
Allows financial institutions that are S corporations to subtract income from commercial loans of $5,000,000 or less from their taxable income under Minnesota Statutes 290.0132.
-
Allows all financial institutions to subtract income from commercial loans of $5,000,000 or less from their taxable income under Minnesota Statutes 290.0134.
-
Loans must be provided to persons residing or located in Minnesota and used primarily for business or agricultural purposes to qualify for the subtraction.
-
Both provisions are effective for taxable years beginning after December 31, 2023.
Legislative Description
Individual income and corporate franchise tax provisions modified, and subtraction from income for commercial loans issued by financial institutions provided.
Last Action
Introduction and first reading, referred to Taxes
4/24/2024