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01/13/21 REVISOR EAP/HR 21-01750 <br />12.1 (iv) amounts subtracted from federal taxable or adjusted gross income as provided by <br />12.2 section 290.0132, subdivisions 7, 9 to 15, 17, 21, 24, and 26 to 29 30; <br />12.3 (v) the amount of the net operating loss allowed under section 290.095, subdivision 11, <br />12.4 paragraph (c); and <br />12.5 (vi) the amount allowable as a Minnesota itemized deduction under section 290.0122, <br />12.6 subdivision 7. <br />12.7 In the case of an estate or trust, alternative minimum taxable income must be computed <br />12.8 as provided in section 59(c) of the Internal Revenue Code, except alternative minimum <br />12.9 taxable income must be increased by the addition in section 290.0131, subdivision 16. <br />12.10 (b) "Investment interest" means investment interest as defined in section 163(d)(3) of <br />12.11 the Internal Revenue Code. <br />12.12 (c) "Net minimum tax" means the minimum tax imposed by this section. <br />12.13 (d) "Regular tax" means the tax that would be imposed under this chapter (without regard <br />12.14 to this section and section 290.032), reduced by the sum of the nonrefundable credits allowed <br />12.15 under this chapter. <br />12.16 (e) "Tentative minimum tax" equals 6.75 percent of alternative minimum taxable income <br />12.17 after subtracting the exemption amount determined under subdivision 3. <br />12.18 EFFECTIVE DATE. This section is effective for taxable years beginning after December <br />12.19 31, 2020. <br />12.20 Sec. 11. Minnesota Statutes 2020, section 290.0921, subdivision 2, is amended to read: <br />12.21 Subd. 2. Definitions. (a) For purposes of this section, the following terms have the <br />12.22 meanings given them. <br />12.23 (b) "Alternative minimum taxable net income" is alternative minimum taxable income, <br />12.24 (1) less the exemption amount, and <br />12.25 (2) apportioned or allocated to Minnesota under section 290.17, 290.191, or 290.20. <br />12.26 (c) The "exemption amount" is $40,000, reduced, but not below zero, by 25 percent of <br />12.27 the excess of alternative minimum taxable income over $150,000. <br />12.28 (d) "Minnesota alternative minimum taxable income" is alternative minimum taxable <br />12.29 net income, less the deductions for alternative tax net operating loss under subdivision 4; <br />12.30 and dividends received under subdivision 6. The sum of the deductions under this paragraph <br />Sec. 11. 12 <br />