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MN SF860
Bill
Status
2/3/2025
Primary Sponsor
Heather Gustafson
Click for details
AI Summary
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Discharge of indebtedness awarded to victims of coerced debt under Minnesota section 332.74, subdivision 3, may be subtracted from Minnesota taxable income, effective for taxable years beginning after December 31, 2024
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Coerced debt discharge amounts are excluded from income calculations for the renter's income tax credit, effective for taxable years beginning after December 31, 2024
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Coerced debt discharge amounts are excluded from income calculations for the property tax refund program, effective for property taxes payable in 2026
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The bill amends three sections of Minnesota Statutes: 290.0132 (income subtractions), 290.0693 (renter's credit definitions), and 290A.03 (property tax refund income definitions)
Legislative Description
Certain discharges of indebtedness subtraction provision and certain discharges of indebtedness from income for purposes of the property tax refund and the renter's income tax credit exclusion provision
Last Action
Referred to Taxes
2/3/2025