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HF4000 • 2026

Individual income tax subtraction for capital gains on the sale of a principal residence established.

Individual income tax subtraction for capital gains on the sale of a principal residence established.

Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Wiener, Davids, Roach
Last action
2026-03-09
Official status
Author added Roach
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Individual income tax subtraction for capital gains on the sale of a principal residence established.

Individual income tax subtraction for capital gains on the sale of a principal residence established.

What This Bill Does

  • Individual income tax subtraction for capital gains on the sale of a principal residence established.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-03-09 House

    Author added Roach

  2. 2026-03-05 House

    Introduction and first reading, referred to Taxes

Official Summary Text

Individual income tax subtraction for capital gains on the sale of a principal residence established.

Current Bill Text

Read the full stored bill text 
A bill for an act

relating to taxation; income; establishing a subtraction for capital gains on the sale

of a principal residence; amending Minnesota Statutes 2024, section 290.0132, by

adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 290.0132, is amended by adding a subdivision

to read:

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Subd. 40.

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Capital gains on the sale of principal residence.

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The amount of gain from

the sale of a principal residence in excess of the $250,000 or $500,000 limit in section 121

of the Internal Revenue Code is a subtraction. For the purposes of this subdivision, "principal

residence" means a property that qualifies for the exclusion from gross income under section

121 of the Internal Revenue Code.

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EFFECTIVE DATE.

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This section is effective for taxable years beginning after December

31, 2025.

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