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Bill would redefine when a trust is a Minnesota resident trust; fiscal estimates cited
Summary
Senate File 6 would set objective tests for when a trust is treated as a Minnesota resident trust (including a 1995 cutoff for certain trusts); proponents said the change would create clarity, while the Department of Revenue warned of revenue loss estimates cited in the hearing record.
Senate File 6, presented by Senator Rest, would clarify when a trust is treated as a Minnesota resident trust for income‑tax purposes. The bill proposes objective factors — including where trustees make a majority of discretionary investment or distribution decisions and where records and meetings are located — and uses December 31, 1995, as a determinative date in distinguishing certain trust types.
Senator Rest…
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