Minnesota

Resident trust means an irrevocable trust, the grantor of which was domiciled in this state at the time the trust became irrevocable.

Subd. 2c. Schedules of rates for individuals, estates, and trusts. (a) The income taxes imposed by this chapter upon married individuals filing joint returns and surviving spouses as defined in section 2(a) of the Internal Revenue Code must be computed by applying to their taxable net income the following schedule of rates: (1) On the first $38,770, 5.35 percent; (2) On all over $38,770, but not over $154,020, 6.8 percent; (3) On all over $154,020, but not over $269,010, 7.85 percent; (4) On all over $269,010, 9.85 percent.

In addition to the tax computed under section 290.06, subdivision 2c, a tax is imposed on the net investment income of individuals, estates, and trusts in excess of $1,000,000 at a rate of one percent.

In addition to the tax computed under section 290.06, subdivision 2c, a tax is imposed on the net investment income of individuals, estates, and trusts in excess of $1,000,000 at a rate of one percent.

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Interest income on obligations of any state other than Minnesota or a political or governmental subdivision, municipality, or governmental agency or instrumentality of any state other than Minnesota exempt from federal income taxes...is an addition.

Interest income on obligations of any state other than Minnesota or a political or governmental subdivision, municipality, or governmental agency or instrumentality of any state other than Minnesota exempt from federal income taxes...is an addition.

The amount of opportunity zone capital gain income is an addition. For the purposes of this subdivision, opportunity zone capital gain income equals the sum of: (1) the amount of gains the taxpayer excluded from gross income or deferred in the taxable year under section 1400Z-2(a) of the Internal Revenue Code due to a deferral under section 1400Z-2(b)(1); and (2) for a gain on an investment in the taxable year, the amount by which the taxpayer's basis in the investment was increased under section 1400Z-2(b)(2)(B) or 1400Z-2(c).

The Internal Revenue Code of 1986, as amended through May 1, 2023, applies for taxable years beginning after December 31, 1996.

Net interest income on obligations of any authority, commission, or instrumentality of the United States to the extent includable in taxable income for federal income tax purposes, but exempt from state income tax under the laws of the United States, is a subtraction.

Subd. 2c. Schedules of rates for individuals, estates, and trusts. (a) The income taxes imposed by this chapter upon married individuals filing joint returns and surviving spouses as defined in section 2(a) of the Internal Revenue Code must be computed by applying to their taxable net income the following schedule of rates: (1) On the first $38,770, 5.35 percent; (2) On all over $38,770, but not over $154,020, 6.8 percent; (3) On all over $154,020, but not over $269,010, 7.85 percent; (4) On all over $269,010, 9.85 percent.

Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.

Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.

The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).

In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.

Subd. 2c. Schedules of rates for individuals, estates, and trusts. (a) The income taxes imposed by this chapter upon married individuals filing joint returns and surviving spouses as defined in section 2(a) of the Internal Revenue Code must be computed by applying to their taxable net income the following schedule of rates: (1) On the first $38,770, 5.35 percent; (2) On all over $38,770, but not over $154,020, 6.8 percent; (3) On all over $154,020, but not over $269,010, 7.85 percent; (4) On all over $269,010, 9.85 percent.

The tax imposed must be computed by applying to the Minnesota taxable estate the following schedule of rates...Not over $7,100,000: 13 percent; Over $7,100,000 but not over $8,100,000: $923,000 plus 13.6 percent of the excess over $7,100,000; Over $8,100,000 but not over $9,100,000: $1,059,000 plus 14.4 percent of the excess over $8,100,000; Over $9,100,000 but not over $10,100,000: $1,203,000 plus 15.2 percent of the excess over $9,100,000; Over $10,100,000: $1,355,000 plus 16 percent of the excess over $10,100,000.

For purposes of the tax under this chapter, the Minnesota taxable estate equals the federal taxable estate as provided under section 2051 of the Internal Revenue Code, without regard to whether the estate is subject to the federal estate tax

An exclusion of $3,000,000 is allowed against the Minnesota taxable estate for decedents dying in 2020 and thereafter.

For purposes of the tax under this chapter, the Minnesota taxable estate equals the federal taxable estate as provided under section 2051 of the Internal Revenue Code, without regard to whether the estate is subject to the federal estate tax

This chapter may be cited as the 'Uniform Disposition of Community Property Rights at Death Act.'

Subd. 2c. Schedules of rates for individuals, estates, and trusts. (a) The income taxes imposed by this chapter upon married individuals filing joint returns and surviving spouses as defined in section 2(a) of the Internal Revenue Code must be computed by applying to their taxable net income the following schedule of rates: (1) On the first $38,770, 5.35 percent; (2) On all over $38,770, but not over $154,020, 6.8 percent; (3) On all over $154,020, but not over $269,010, 7.85 percent; (4) On all over $269,010, 9.85 percent.

The income taxes imposed by this chapter upon married individuals filing joint returns and surviving spouses as defined in section 2(a) of the Internal Revenue Code must be computed by applying to their taxable net income the following schedule of rates: