Minnesota § 290.032 - LUMP-SUM DISTRIBUTION TAX
Full text of Minnesota Minnesota Statutes § 290.032 — LUMP-SUM DISTRIBUTION TAX, with citation guidance and answers to common questions.
§ 290.032. LUMP-SUM DISTRIBUTION TAX
Subdivision 1.Imposition.
There is hereby imposed as an addition to the annual income tax for a taxable year of a taxpayer in the classes described in section 290.03 a tax with respect to any distribution received by such taxpayer that is treated as a lump-sum distribution under section 1401(c)(2) of the Small Business Job Protection Act, Public Law 104-188 and that is subject to tax for such taxable year under section 1401(c)(2) of the Small Business Job Protection Act, Public Law 104-188.
Subd. 2.Computation.
The amount of tax imposed by subdivision 1 shall be computed in the same way as the tax imposed under section 402(d) of the Internal Revenue Code of 1986, as amended through December 31, 1995, except that the initial separate tax shall be an amount equal to five times the tax which would be imposed by section 290.06, subdivision 2c, if the recipient was an unmarried individual, and the taxable net income was an amount equal to one-fifth of the excess of
(i) the total taxable amount of the lump-sum distribution for the year, over
(ii) the minimum distribution allowance, and except that references in section 402(d) of the Internal Revenue Code of 1986, as amended through December 31, 1995, to paragraph (1)(A) thereof shall instead be references to subdivision 1, and the excess, if any, of the subtraction base amount over taxable net income for a qualified individual as provided under section 290.0802, subdivision 2.
Subd. 3.Nonapplication.
The tax imposed by this section shall not be applicable to a nonresident individual.
Subd. 4.
[Repealed, 1981 c 343 s 42]
Subd. 5.
[Repealed, 1983 c 342 art 1 s 44]
History:
1975 c 349 s 28; 1977 c 376 s 2,13; 1979 c 303 art 1 s 3,4; 1980 c 607 art 1 s 32; 1981 c 60 s 27; 1981 c 178 s 11; 1982 c 523 art 1 s 69; art 40 s 14; 1983 c 15 s 3; 1983 c 207 s 43; 1983 c 342 art 1 s 43; 1984 c 514 art 1 s 8; art 4 s 1; 1Sp1985 c 14 art 1 s 13; art 21 s 3,49; 1Sp1986 c 1 art 1 s 9; 1987 c 268 art 1 s 26,27; 1988 c 719 art 1 s 6; art 3 s 12; 1989 c 28 s 25; 1990 c 604 art 2 s 16; 1991 c 291 art 6 s 46; 1992 c 511 art 6 s 19; 1993 c 375 art 8 s 14; 1994 c 587 art 1 s 24; 1995 c 264 art 15 s 1,2; 1Sp2005 c 3 art 4 s 8,9; 1Sp2019 c 6 art 1 s 34
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 290.032
What does Minnesota Statutes § 290.032 cover?
Section 290.032 ("LUMP-SUM DISTRIBUTION TAX") is part of the Minnesota Statutes, the codified statutory law of Minnesota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Minnesota § 290.032?
A common citation format is "Minnesota Statutes § 290.032" (Minnesota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 290.032 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Minnesota.