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

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01/13/21 REVISOR EAP/HR 21-01750 as introduced 11.1 (2) the taxpayer's itemized deductions allowed in computing federal alternative minimum 11.2 taxable income, but excluding: 11.3 (i) the charitable contribution deduction under section 170 of the Internal Revenue Code; 11.4 (ii) the medical expense deduction; 11.5 (iii) the casualty, theft, and disaster loss deduction; and 11.6 (iv) the impairment -related work expenses of a person with a disability; 11.7 (3) for depletion allowances computed under section 613A(c) of the Internal Revenue 11.8 Code, with respect to each property (as defined in section 614 of the Internal Revenue Code), 11.9 to the extent not included in federal alternative minimum taxable income, the excess of the 11.1 o deduction for depletion allowable under section 611 of the Internal Revenue Code for the 11.11 taxable year over the adjusted basis of the property at the end of the taxable year (determined 11.12 without regard to the depletion deduction for the taxable year); 11.13 (4) to the extent not included in federal alternative minimum taxable income, the amount 11.14 of the tax preference for intangible drilling cost under section 57(a)(2) of the Internal Revenue 11.15 Code determined without regard to subparagraph (E); 11.16 (5) to the extent not included in federal alternative minimum taxable income, the amount 11.17 of interest income as provided by section 290.0131, subdivision 2; 11.18 (6) the amount of addition required by section 290.0131, subdivisions 9, 10, and 16; 11.19 (7) the deduction allowed under section 199A of the Internal Revenue Code, to the extent 11.20 not included in the addition required under clause (6); and 11.21 (8) to the extent not included in federal alternative minimum taxable income, the amount 11.22 of foreign -derived intangible income deducted under section 250 of the Internal Revenue 11.23 Code; 11.24 less the sum of the amounts determined under the following: 11.25 (i) interest income as defined in section 290.0132, subdivision 2; 11.26 (ii) an overpayment of state income tax as provided by section 290.0132, subdivision 11.27 3, to the extent included in federal alternative minimum taxable income; 11.28 (iii) the amount of investment interest paid or accrued within the taxable year on 11.29 indebtedness to the extent that the amount does not exceed net investment income, as defined 11.30 in section 163(d)(4) of the Internal Revenue Code. Interest does not include amounts deducted 11.31 in computing federal adjusted gross income; Sec. 10. 11