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MN SF2729
Bill
Status
Introduced
3/8/2023
Primary Sponsor
Ann Rest
Click for details
AI Summary
- Modifies Minnesota tax law definition of "resident trust" under Minnesota Statutes 2022, section 290.01, subdivision 7b
- For trusts that became irrevocable or were first administered in Minnesota on or before December 31, 1995, requires two or more of three conditions: majority of trustee investment decisions made in Minnesota, majority of distribution decisions made in Minnesota, or official trust records located in Minnesota
- For trusts that became irrevocable or were first administered in Minnesota after December 31, 1995, qualifies as resident trust if either created by will of decedent domiciled in Minnesota or is an irrevocable trust where grantor was domiciled in Minnesota when trust became irrevocable
- Excludes grantor type trusts from the definition and provides that delegated decisions to agents or custodians need not be counted toward Minnesota administration if trustees retain revocation power and monitor performance
- Effective the day following final enactment
Legislative Description
Definition modification of resident trust
Last Action
Referred to Taxes
3/8/2023
Committee Referrals
Taxes3/8/2023
Full Bill Text
No bill text available