Modifies the definition of resident trust in Minnesota tax law.

This bill amends the definition of a resident trust in Minnesota tax law. It specifies that a trust is considered a resident trust if it is irrevocable and either created by a decedent who was domiciled in Minnesota at death or meets certain conditions related to decision-making and record-keeping in Minnesota. The bill clarifies that certain delegations of decision-making do not affect the residency status of the trust. The changes apply to trusts that became irrevocable or were first administered in Minnesota after December 31, 1995.

Modifies the definition of resident trust in Minnesota tax law.

This bill amends the definition of a resident trust in Minnesota tax law. It specifies that a trust is considered a resident trust if it is irrevocable and either created by a decedent who was domiciled in Minnesota at death or meets certain conditions related to decision-making and record-keeping in Minnesota. The bill clarifies that certain delegations of decision-making do not affect the residency status of the trust. The changes apply to trusts that became irrevocable or were first administered in Minnesota after December 31, 1995.