Minnesota HF940 modifies the definition of a resident trust for income tax purposes.

Minnesota HF940 amends the definition of a resident trust in state tax law. A trust is considered a resident trust if it meets certain criteria, such as having a majority of discretionary decisions made in Minnesota or having its official books and records located in the state. The bill specifies conditions for trusts that became irrevocable or were first administered in Minnesota after December 31, 1995. It also addresses delegation of trustee decisions to an agent or custodian, provided certain conditions are met. This change affects how trusts are classified for state income tax purposes.

Minnesota HF940 modifies the definition of a resident trust for income tax purposes.

Minnesota HF940 amends the definition of a resident trust in state tax law. A trust is considered a resident trust if it meets certain criteria, such as having a majority of discretionary decisions made in Minnesota or having its official books and records located in the state. The bill specifies conditions for trusts that became irrevocable or were first administered in Minnesota after December 31, 1995. It also addresses delegation of trustee decisions to an agent or custodian, provided certain conditions are met. This change affects how trusts are classified for state income tax purposes.