Dorsey & Whitney reports on significant tax changes in Minnesota, including roughly 40 changes to Minnesota’s individual income tax provisions, including: (1) much needed clarity about the effect of the location of a taxpayer’s attorneys, accountants, financial advisers, and bank accounts in the application of Minnesota’s domicile test for determining whether an individual is a Minnesota resident; (2) accelerating individual income tax on installment sales of Minnesota pass-through entities by nonresidents or by residents who move out of Minnesota; and (3) subtractions and credits for education expenses, including a subtraction for contributions to section 529 college savings plans.

See full summary of legislative changes at: Despite Clash Over Tax Cuts, Governor Dayton Signs Bill Enacting Important Income Tax Changes for Minnesota Residents and Nonresidents | News & Resources | Dorsey

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.