Bill > SF2580

This bill addresses a specific tax-related issue concerning retirement contributions to individual retirement plans. It allows annuity contract providers to retroactively treat a contribution as being made for the preceding taxable year if the contribution is received by the legal deadline (as defined in section 219(f)(3) of the Internal Revenue Code) and the individual provides notification of the tax year designation within three years of the original tax return due date. Specifically, this provision applies only to contributions made in 2023, providing a corrective mechanism for individuals who want to attribute a contribution to the previous tax year. The bill aims to give taxpayers more flexibility in how they designate retirement plan contributions for tax purposes, potentially allowing for more strategic tax planning around retirement savings. The retroactive nature and strict time limitations suggest this is a narrow, targeted fix to address potential errors or timing issues in retirement contribution reporting.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2580&ssn=0&y=2025