Trump Accounts in Minnesota: State Tax Treatment
By Forrest Baumhover, CFP®, EA · Last verified September 2, 2026
Whether Minnesota taxes a Trump Account's growth and distributions the way the IRS does — checked against Minnesota's own conformity law, not a national summary.
Does Minnesota follow the federal rule?
Minnesota uses "fixed-date" (static) conformity: its tax code names a specific historical IRC date rather than following current federal law automatically. Its conformity date is May 1, 2026. That date is on or after OBBBA's July 4, 2025 enactment, so Minnesota's general conformity picks up §530A as part of the Code it already follows.
What this means for a Trump Account in Minnesota
Based on that mechanism, Minnesota currently follows the federal §530A treatment: contributions and growth are not separately taxed by the state before distribution, the same deferral the federal rule provides. Separately from its general conformity mechanism, Minnesota has taken its own action specific to Trump Accounts/§530A: HF3754 (2026 session) would separately exclude up to $2,500 of employer/government/nonprofit contributions to Trump Accounts from Minnesota gross income; as of a March 17, 2026 House Taxes Committee action it was laid over for possible omnibus-bill inclusion, and its final enactment status could not be confirmed in the text of the enacted 2026 omnibus tax bill.
A note on this determination
Minnesota's fixed date moved from May 1, 2023 to May 1, 2026 in the 2026 omnibus tax bill — after OBBBA's July 4, 2025 enactment, so §530A is captured. No Minnesota statute or DOR bulletin explicitly names §530A or Trump Accounts; the conclusion rests on conformity-date mechanics, the same reasoning California's SB 711 update needed a separate SB 180 to go beyond.
Back to the full picture
See the Trump Accounts hub for the federal contribution and distribution rules this state-tax determination builds on, and the state-by-state conformity library for how Minnesota compares to other states.