Agenda - Council - 02/08/2021 - Laserfiche WebLink

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01/13/21 REVISOR EAP/HR 21-01750 as introduced 6.1 section 289A.08, subdivision 7a, is a subtraction. The amount of net income as adjusted 6.2 under this subdivision must not be less than zero. The amount of the subtraction allowed 6.3 under this subdivision may not exceed the partner's, member's, or shareholder's portions of 6.4 the qualifying entity's net income after assignment under section 290.17, or apportionment 6.5 under section 290.191 or 290.20, as may be required. 6.6 EFFECTIVE DATE. This section is effective for taxable years beginning after December 6.7 31, 2020. 6.8 Sec. 8. Minnesota Statutes 2020, section 290.06, subdivision 2c, is amended to read: 6.9 Subd. 2c. Schedules of rates for individuals, estates, and trusts. (a) The income taxes 6.10 imposed by this chapter upon married individuals filing joint returns and surviving spouses 6.11 as defined in section 2(a) of the Internal Revenue Code must be computed by applying to 6.12 their taxable net income the following schedule of rates: 6.13 (1) On the first $38,770, 5.35 percent; 6.14 (2) On all over $38,770, but not over $154,020, 6.8 percent; 6.15 (3) On all over $154,020, but not over $269,010, 7.85 percent; 6.16 (4) On all over $269,010, 9.85 percent. 6.17 Married individuals filing separate returns, estates, and trusts must compute their income 6.18 tax by applying the above rates to their taxable income, except that the income brackets 6.19 will be one-half of the above amounts after the adjustment required in subdivision 2d. 6.20 (b) The income taxes imposed by this chapter upon unmarried individuals must be 6.21 computed by applying to taxable net income the following schedule of rates: 6.22 (1) On the first $26,520, 5.35 percent; 6.23 (2) On all over $26,520, but not over $87,110, 6.8 percent; 6.24 (3) On all over $87,110, but not over $161,720, 7.85 percent; 6.25 (4) On all over $161,720, 9.85 percent. 6.26 (c) The income taxes imposed by this chapter upon unmarried individuals qualifying as 6.27 a head of household as defined in section 2(b) of the Internal Revenue Code must be 6.28 computed by applying to taxable net income the following schedule of rates: 6.29 (1) On the first $32,650, 5.35 percent; 6.30 (2) On all over $32,650, but not over $131,190, 6.8 percent; Sec. 8. 6