as introduced - 91st Legislature (2019 - 2020) Posted on 02/17/2020 04:31pm
Engrossments | ||
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Introduction | Posted on 01/30/2020 |
A bill for an act
relating to taxation; income and corporate franchise; providing that certain gains
or losses on like-kind exchanges be recognized over a period of years; modifying
additions and subtractions; amending Minnesota Statutes 2018, sections 290.0131,
by adding a subdivision; 290.0132, by adding a subdivision; 290.0133, by adding
a subdivision; 290.0134, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, section 290.0131, is amended by adding a subdivision
to read:
new text begin
In each of the five taxable years
immediately following the taxable year in which a subtraction is required under section
290.0132, subdivision 30, or 290.0134, subdivision 20, for a shareholder of a corporation
that is an S corporation, an amount equal to one-fifth of the subtraction made by the taxpayer
under section 290.0132, subdivision 30, or 290.0134, subdivision 20, for a shareholder of
a corporation that is an S corporation, is an addition.
new text end
new text begin
This section is effective for taxable years beginning after December
31, 2019.
new text end
Minnesota Statutes 2018, section 290.0132, is amended by adding a subdivision
to read:
new text begin
Eighty percent of the amount of a gain
or loss, excluding a gain or loss recognized under section 1031 of the Internal Revenue
Code, that is not recognized under section 1031 of the Internal Revenue Code of 1986, as
amended through December 16, 2016, is a subtraction.
new text end
new text begin
This section is effective for taxable years beginning after December
31, 2019.
new text end
Minnesota Statutes 2018, section 290.0133, is amended by adding a subdivision
to read:
new text begin
In each of the five taxable years
immediately following the taxable year in which a subtraction is required under section
290.0134, subdivision 20, an amount equal to one-fifth of the subtraction made by the
taxpayer under section 290.0134, subdivision 20, is an addition.
new text end
new text begin
This section is effective for taxable years beginning after December
31, 2019.
new text end
Minnesota Statutes 2018, section 290.0134, is amended by adding a subdivision
to read:
new text begin
Eighty percent of the amount of a gain
or loss, excluding a gain or loss recognized under section 1031 of the Internal Revenue
Code, that is not recognized under section 1031 of the Internal Revenue Code of 1986, as
amended through December 16, 2016, is a subtraction.
new text end
new text begin
This section is effective for taxable years beginning after December
31, 2019.
new text end