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01/13/21 REVISOR EAP/HR 21-01750 as introduced
<br />7.1 (3) On all over $131,190, but not over $214,980, 7.85 percent;
<br />7.2 (4) On all over $214,980, 9.85 percent.
<br />7.3 (d) In lieu of a tax computed according to the rates set forth in this subdivision, the tax
<br />7.4 of any individual taxpayer whose taxable net income for the taxable year is less than an
<br />7.5 amount determined by the commissioner must be computed in accordance with tables
<br />7.6 prepared and issued by the commissioner of revenue based on income brackets of not more
<br />7.7 than $100. The amount of tax for each bracket shall be computed at the rates set forth in
<br />7.8 this subdivision, provided that the commissioner may disregard a fractional part of a dollar
<br />7.9 unless it amounts to 50 cents or more, in which case it may be increased to $1.
<br />7.10 (e) An individual who is not a Minnesota resident for the entire year must compute the
<br />7.11 individual's Minnesota income tax as provided in this subdivision. After the application of
<br />7.12 the nonrefundable credits provided in this chapter, the tax liability must then be multiplied
<br />7.13 by a fraction in which:
<br />7.14 (1) the numerator is the individual's Minnesota source federal adjusted gross income as
<br />7.15 defined in section 62 of the Internal Revenue Code and increased by:
<br />7.16 (i) the additions required under sections 290.0131, subdivisions 2, 6, 8 to 10, 16, and
<br />7.17 17, and 290.0137, paragraph (a); and reduced by
<br />7.18 (ii) the Minnesota assignable portion of the subtraction for United States government
<br />7.19 interest under section 290.0132, subdivision 2, the subtractions under sections 290.0132,
<br />7.20 subdivisions 9, 10, 14, 15, 17, 18, and 27, and 30, and 290.0137, paragraph (c), after applying
<br />7.21 the allocation and assignability provisions of section 290.081, clause (a), or 290.17; and
<br />7.22 (2) the denominator is the individual's federal adjusted gross income as defined in section
<br />7.23 62 of the Internal Revenue Code, increased by:
<br />7.24 (i) the additions required under sections 290.0131, subdivisions 2, 6, 8 to 10, 16, and
<br />7.25 17, and 290.0137, paragraph (a); and reduced by
<br />7.26 (ii) the subtractions under sections 290.0132, subdivisions 2, 9, 10, 14, 15, 17, 18, and
<br />7.27 27, and 30, and 290.0137, paragraph (c).
<br />7.28 EFFECTIVE DATE. This section is effective for taxable years beginning after December
<br />7.29 31, 2020.
<br />7.30 Sec. 9. Minnesota Statutes 2020, section 290.06, subdivision 22, is amended to read:
<br />7.31 Subd. 22. Credit for taxes paid to another state. (a) A taxpayer who is liable for taxes
<br />7.32 based on net income to another state, as provided in paragraphs (b) through (f), upon income
<br />Sec. 9. 7
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