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Tax conformity bill moves to Ways and Means
A bill that many tax filers hope will get swift action is scheduled to get a hearing Monday in the House Ways and Means Committee — most likely the last stop before the House floor.
Approved by the House Taxes Committee,
HF6, sponsored by Committee Chairwoman Ann Lenczewski (DFL-Bloomington), would conform Minnesota’s individual income tax and corporate franchise tax to most of the federal changes for tax year 2012 only, including the extensions of the higher education tuition and educator classroom expense deductions; and the ability for those age 70 ½ years or older to transfer up to $100,000 from an individual retirement account or Roth IRA directly to a qualified charity.
The bill also would allow airline employees who received bankruptcy payments to retroactively roll over the payments into a traditional IRA in the year the payments were received.
Swift approval is needed as taxpayers traditionally begin filling out their last year’s tax forms the end of the month.
The Senate companion,
SF119, sponsored by Sen. Rod Skoe (DFL-Clearbrook), is scheduled to be heard Jan. 30 by the Senate Tax Reform Division.
The tax changes are a result of the American Taxpayer Relief Act of 2012 and the Federal Aviation Administration Modernization and Reform Act of 2012.
- Lee Ann Schutz
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