290.01 DEFINITIONS. Subdivision 1. Words, terms, and phrases. Unless the language or context clearly indicates that a different meaning is intended, the following words, terms, and phrases, for the purposes of this chapter, shall be given the meanings subjoined to them. Subd. 1a. Uniform Probate Code. The definitions set forth in section 524.1-201, wherever appropriate […]
290.0111 TEMPORARY CONFORMITY TO CERTAIN FEDERAL TAX CHANGES. Subdivision 1. Adopting Internal Revenue Code changes. For the purposes of this chapter, “Internal Revenue Code,” as defined in section 290.01, subdivisions 19 and 31, includes the sections of federal law specified in this section as enacted or amended through March 31, 2021. Subd. 2. Further Consolidated […]
290.0121 DEPENDENT EXEMPTION. Subdivision 1. Exemption amount. (a) A taxpayer’s dependent exemption equals: (1) the exemption amount multiplied by the number of individuals who are dependents, as defined in sections 151 and 152 of the Internal Revenue Code, of the taxpayer for the taxable year; minus (2) the disallowed exemption amount under subdivision 2, but […]
290.0122 ITEMIZED DEDUCTIONS. Subdivision 1. Itemized deductions. A taxpayer’s itemized deductions equal the sum of the amounts allowed as a deduction under this section, reduced by the amount calculated under subdivision 2. Subd. 2. Deductions limited; inflation adjustment. (a) The itemized deductions of a taxpayer with adjusted gross income in excess of the applicable amount […]
290.0123 STANDARD DEDUCTION. Subdivision 1. Standard deduction amount. A taxpayer’s standard deduction equals: (1) for a married joint filer or a surviving spouse, $24,400; (2) for a head of household filer, $18,350; or (3) for any other filer, one-half the amount in clause (1); plus (4) the additional amount for the taxpayer under subdivision 2. […]
290.0131 INDIVIDUALS, ESTATES, AND TRUSTS; ADDITIONS TO FEDERAL TAXABLE INCOME OR FEDERAL ADJUSTED GROSS INCOME. Subdivision 1. Definition; scope. (a) For the purposes of this section, “addition” means an amount that must be added to federal taxable income for a trust or an estate or federal adjusted gross income for an individual in computing net […]
290.0132 INDIVIDUALS, ESTATES, AND TRUSTS; SUBTRACTIONS FROM FEDERAL TAXABLE INCOME OR FEDERAL ADJUSTED GROSS INCOME. Subdivision 1. Definition; scope. (a) For the purposes of this section, “subtraction” means an amount that shall be subtracted from federal taxable income for a trust or an estate or federal adjusted gross income for an individual in computing net […]
290.0133 CORPORATIONS; ADDITIONS TO FEDERAL TAXABLE INCOME. Subdivision 1. Definition; scope. (a) For the purposes of this section, “addition” means an amount that must be added to federal taxable income in computing net income for the taxable year to which the amount relates. (b) The additions in this section apply to corporations other than S […]
290.0134 CORPORATIONS; SUBTRACTIONS FROM FEDERAL TAXABLE INCOME. Subdivision 1. Definition; scope. (a) For the purposes of this section, “subtraction” means an amount that shall be subtracted from federal taxable income in computing net income for the taxable year to which the amount relates. (b) The subtractions in this section apply to corporations, other than S […]
290.0135 BASIS MODIFICATIONS AFFECTING GAIN OR LOSS ON DISPOSITION OF PROPERTY. (a) For individuals, estates, and trusts, the basis of property is its adjusted basis for federal income tax purposes except as set forth in paragraphs (e) and (f). For corporations, the basis of property is its adjusted basis for federal income tax purposes, without […]
290.0136 CERTAIN PREFERRED STOCK LOSSES. A taxpayer must compute net income by treating losses from the sale or transfer of certain preferred stock, which the taxpayer treated as ordinary losses pursuant to Division A, title III, section 301 of Public Law 110-343, as capital losses. The amount of net income under section 290.01, subdivision 19; […]
290.0137 ACCELERATED RECOGNITION OF CERTAIN INSTALLMENT SALE GAINS. (a) In the case of a nonresident individual or a person who becomes a nonresident individual during the tax year, taxable net income shall include the amount realized upon a sale of the assets of, or any interest in, an S corporation or partnership that operated in […]
290.014 JURISDICTION TO TAX IN GENERAL. Subdivision 1. Resident individuals. All net income of a resident individual is subject to tax under this chapter. Subd. 2. Nonresident individuals. Except as provided in section 290.015, a nonresident individual is subject to the return filing requirements and to tax as provided in this chapter to the extent […]
290.015 MINIMUM CONTACTS REQUIRED FOR JURISDICTION TO TAX TRADE OR BUSINESS. Subdivision 1. General rule. (a) Except as provided in subdivision 3, a person that conducts a trade or business that has a place of business in this state, regularly has employees or independent contractors conducting business activities on its behalf in this state, or […]
290.02 FRANCHISE TAX ON CORPORATIONS MEASURED BY NET INCOME. An annual franchise tax on the exercise of the corporate franchise to engage in contacts with this state that produce gross income attributable to sources within this state is imposed upon every corporation that so exercises its franchise during the taxable year. Contacts within this state […]
290.03 INCOME TAX; IMPOSITION, CLASSES OF TAXPAYERS. An annual tax for each taxable year, computed in the manner and at the rates hereinafter provided, is hereby imposed upon the taxable income for such year of the following classes of taxpayers: (1) Resident and nonresident individuals; (2) Estates of decedents, dying domiciled within or without this […]
290.032 LUMP-SUM DISTRIBUTION TAX. Subdivision 1. Imposition. There is hereby imposed as an addition to the annual income tax for a taxable year of a taxpayer in the classes described in section 290.03 a tax with respect to any distribution received by such taxpayer that is treated as a lump-sum distribution under section 1401(c)(2) of […]
290.04 LIABILITY FOR TAX. Subdivision 1. Accrual. The liability for the tax imposed by section 290.02 shall arise upon the first day of the taxable year upon which a domestic corporation exercises any of the privileges specified in section 290.02 or exists as a corporation, or on which a foreign corporation is possessed of the […]
290.05 EXEMPT INDIVIDUALS, ORGANIZATIONS, ESTATES, TRUSTS. Subdivision 1. Exempt entities. The following corporations, individuals, estates, trusts, and organizations shall be exempted from taxation under this chapter, provided that every such person or corporation claiming exemption under this chapter, in whole or in part, must establish to the satisfaction of the commissioner the taxable status of […]
290.06 RATES OF TAX; CREDITS. Subdivision 1. Computation, corporations. The franchise tax imposed upon corporations shall be computed by applying to their taxable income the rate of 9.8 percent. Subd. 1a. [Repealed, 1990 c 604 art 2 s 21] Subd. 2. [Repealed, Ex1971 c 31 art 18 s 6] Subd. 2a. [Repealed, Ex1967 c 32 […]
