HF1357 (Legislative Session 94 (2025-2026))
Income tax; addition required for deemed capital gains on certain assets of a decedent.
AI Generated Summary
This bill proposes amendments to Minnesota tax law to require an addition to taxable income for deemed capital gains on certain assets of a decedent. It includes provisions for automatic and extended filing deadlines for individual income tax returns that report these gains. Specifically, it:
Amends Minnesota Statutes 2024, Section 289A.19, to add a subdivision allowing an automatic extension of 275 days for filing an individual income tax return that includes these gains. An additional 180-day extension may be granted by the commissioner for good cause.
Amends Minnesota Statutes 2024, Section 290.0131, by adding a subdivision related to the inclusion of these deemed capital gains.
Proposes new coding in Minnesota Statutes, Chapter 290, to establish the tax rules regarding these assets.
In summary, the bill aims to change how capital gains on inherited assets are taxed by requiring their inclusion in taxable income while allowing extended filing deadlines.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 23, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"A new subdivision addressing tax return extensions for specific capital gains."
],
"removed": [],
"summary": "This bill requires an addition for deemed capital gains on certain assets of a decedent under section 290.0131.",
"modified": []
},
"citation": "290.0131"
}
]