| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 1.1 A bill for an act | |
| 2 | 2 | 1.2 relating to taxation; individual income; requiring correction of certain errors | |
| 3 | 3 | 1.3 regarding the taxable year to which a deductible contribution is attributed. | |
| 4 | 4 | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: | |
| 5 | 5 | 1.5 Section 1. CORRECTION OF ERRORS; CERTAIN RETIREMENT | |
| 6 | 6 | 1.6CONTRIBUTIONS. | |
| 7 | 7 | 1.7 An annuity contract provider that receives a contribution from an individual to an | |
| 8 | 8 | 1.8individual retirement plan on an annuity contract no later than the time prescribed by law | |
| 9 | 9 | 1.9under section 219(f)(3) of the Internal Revenue Code, must treat the contribution as having | |
| 10 | 10 | 1.10been made on account of the preceding taxable year. This section applies only if the annuity | |
| 11 | 11 | 1.11contract provider receives notification from the individual indicating the tax year designation | |
| 12 | 12 | 1.12for the contribution within three years from the original due date for filing the return for | |
| 13 | 13 | 1.13that taxable year. | |
| 14 | 14 | 1.14 EFFECTIVE DATE.This provision is effective retroactively for notifications for | |
| 15 | 15 | 1.15contributions made in 2023 only. | |
| 16 | 16 | 1Section 1. | |
| 17 | 17 | 25-03928 as introduced02/19/25 REVISOR EAP/VJ | |
| 18 | 18 | SENATE | |
| 19 | 19 | STATE OF MINNESOTA | |
| 20 | 20 | S.F. No. 2580NINETY-FOURTH SESSION | |
| 21 | 21 | (SENATE AUTHORS: REST) | |
| 22 | 22 | OFFICIAL STATUSD-PGDATE | |
| 23 | 23 | Introduction and first reading03/17/2025 | |
| 24 | 24 | Referred to Taxes |