Minnesota Legislature
HF 587
as introduced - 91st Legislature (2019 - 2020) Posted on 01/31/2019 02:24pm
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 01/31/2019 |
Current Version - as introduced
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A bill for an act
relating to health; allowing a subtraction from state business tax for medical
cannabis manufacturers; amending Minnesota Statutes 2018, sections 290.0132,
by adding a subdivision; 290.0134, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2018, section 290.0132, is amended by adding a subdivision
to read:
new text begin Subd. 27. new text end
new text begin Disallowed section 280E expenses; medical cannabis manufacturers. new text end
new text begin
The
amount of expenses of a medical cannabis manufacturer, as defined under section 152.22,
subdivision 7, related to the business of medical cannabis under sections 152.21 to 152.37,
and not allowed for federal income tax purposes under section 280E of the Internal Revenue
Code is a subtraction.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2018.
new text end
Sec. 2.
Minnesota Statutes 2018, section 290.0134, is amended by adding a subdivision
to read:
new text begin Subd. 17. new text end
new text begin Disallowed section 280E expenses; medical cannabis manufacturers. new text end
new text begin
The
amount of expenses of a medical cannabis manufacturer, as defined under section 152.22,
subdivision 7, related to the business of medical cannabis under sections 152.21 to 152.37,
and not allowed for federal income tax purposes under section 280E of the Internal Revenue
Code is a subtraction.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2018.
new text end