Legislative Session number- 84

Bill Name: HF0660

HF 660

Omnibus tax bill modifying income, franchise, sales and use, insurance,
and property taxes; and appropriating money.

ARTICLE 1¿INCOME AND CORPORATE
FRANCHISE TAXES

Section 1: Quarterly filing basis for partnerships and S
corporations specified.
Sec. 2: Foreign operating corporation definition
modified.
Sec. 3: Dairy investment credit authorized.
Sec. 4: ¿Qualified
beneficiary¿ definition modified.
Sec. 5: Taxpayer credit authorization
modified for long-term care insurance.
Sec. 6: Apportionment formula of general
application modified.
Sec. 7: Apportionment formula for financial institutions
modified
Sec. 8: Payments to persons who are not employments and withholding
regulations therein established.

ARTICLE 2¿FEDERAL UPDATE

Section 1: Internal
revenue code date modified.
Sec. 2: Net income definition modified.
Sec. 3:
Federal Taxable Income definition modified.
Sec. 4: Federal Taxable Income
subtractions
Sec. 5: Corporate additions to federal taxable income
modified.
Sec. 6: Corporate modifications decreasing federal taxable income
modified.
Sec. 7: Internal Revenue Code date modified / conform with section
1.
Sec. 8: Technical federal Act language references inserted.
Sec. 9:
Computation procedure modified.
Sec. 10: Technical references added.
Sec. 11:
Income definition modified.
Sec. 12: Earned income of lesser earning spouse
definition modified.
Sec. 13: Technical references added.
Sec. 14: Income
definition modified.
Sec. 15: ¿Internal Revenue Code¿ definition
modified

ARTICLE 3¿SALES, USE, AND SPECIAL TAXES

Section 1: Contracts with
foreign vendors regulated.
Sec. 2: Federal Tricare program payments exemption
provided.
Sec. 3: Liquor gross receipts tax established.
Sec. 4: Retail sale
definition modified.
Sec. 5: Sales price definition modified.
Sec. 6:
Cigarette tax exemption provided.
Sec. 7: IIndustrial production materials
exemption modified.
Sec. 8: Capital equipment exemption modified.
Sec. 9: Motor
vehicle lease price payment taxation regulations established.
Sec. 10: Bad debt
offset authorized.
Sec. 11: Cigarette sales tax imposed.
Sec. 12: Revenue
allocation procedure modified.
Sec. 13: ¿Direct business¿ definition
modified.
Sec. 14: Proceeds disposition modified.
Sec. 15: Repealer.
Sec. 16:
Floor stocks cigarette tax imposed

ARTICLE 4¿INTERNATIONAL ECONOMIC
DEVELOPMENT ZONE

Section 1: International economic development zone property
improvements
exemption provided.
Sec. 2: Federal taxable income subtractions
authorization modified.
Sec. 3: ?Taxable income? definition modified.
Sec. 4:
Rate schedules for individuals, estates, and trusts modified.
Sec. 5:
International economic development zone job credit authorized.
Sec. 6: Credit
amount modified.
Sec. 7: Credit authorization modified.
Sec. 8: Definitions
modified.
Sec. 9: Alternative minimum taxable income definition modified.
Sec.
10: IEDZ entity exemptions clarified.
Sec. 11: ?Minnesota property? and
?Minnesota payrolls? definitions modified.
Sec. 12: International economic
development zone purchases modified.
Sec. 13: Related term definitions
provided.
Sec. 14: Designation application regulations established.
Sec. 15:
International economic development zone designations provided.
Sec. 16: Foreign
trade zone authority powers regulated and regional
distribution center
development authorized.
Sec. 17: International Economic Development Zone tax
incentive availability
detailed.
Sec. 18: Individual income tax exemption
application procedure provided.
Sec. 19: Corporate franchise tax exemption
provided.
Sec. 20: Jobs credit authorized.
Sec. 21: Tax benefit repayment
detailed.
Sec. 22: Reporting requirements established.

ARTICLE
5¿MISCELLANEOUS

Section 1: Designation of property tax refund
authorized.
Sec. 2: Form template modified.
Sec. 3: Income tax appropriation
procedures modified.
Sec. 4: ¿Refund¿ definition modified.
Sec. 5:
Residential homestead market value credit modified.
Sec. 6: Right to refund
provided.
Sec. 7: Taxpayer definition modified.
Sec. 8: Rent constituting
property taxes definition modified.
Sec. 9: Tax benefit allocation
authorized.
Sec. 10: City aid payments reduced.
Sec. 11: Repealer.

AME