Minnesota Statutes Various State Taxes and Programs (Ch. 289A-295) § 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 insection 290.03a 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 1and 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 undersection 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 bysection 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

Subd. 3. Nonapplication. The tax imposed by this section shall not be applicable to a nonresident individual.

Subd. 4. Repealed by Laws 1981, c. 343, § 42.

Subd. 5. Repealed by Laws 1983, c. 342, art. 1, § 44.