Relating to taxation

ARTICLE 1 - INCOME TAX RELIEF

Updating statutes to current federal internal revenue code; conforming income and franchise tax statutes to federal code; providing a temporary dependent care credit definition; modifying the Minnesota working family credit; prohibiting the commissioner of revenue from increasing tax amounts due or decreasing individual tax returns under certain conditions; appropriating money to the commissioner of revenue; repealing the dependent care credit limitations, income, and inflation adjustment

ARTICLE 2 - SALES AND USE TAX RELIEF

Removing electronic and precision equipment and commercial and industrial machinery and equipment repair and maintenance services and warehousing and storage services from the sale and purchase definition; exempting digitally accessed audio and audiovisual works (Internet and telecommunications presentations) from taxation under certain conditions; exempting telecommunications, cable television, and direct satellite machinery and equipment for use by services providers from taxation; modifying local governing bodies sales tax applicability; increasing the nonprofit group fund-raising threshold; modifying and clarifying the fund-raising event definition; repealing the self-storage service tax

ARTICLE 3 - ESTATE AND GIFT TAX REFORM

Increasing the estate and gift tax return threshold and conforming estate and gift statutes to federal code; establishing the Minnesota taxable estate in conformance with federal code; modifying tax rates; providing certain credits; repealing certain estate and gift tax rates, definitions, returns, filing requirements, property appraisal and administrative provisions

ARTICLE 4 - ANGEL INVESTMENT CREDIT

Increasing allocation funding from the department of employment and economic development (DEED); modifying a condition for holding period application; extending the small business investment tax credit sunset

ARTICLE 5 - MISCELLANEOUS

Modifying the real property tax treatment for structures used to produce biofuels, dairy products, and alcohol; establishing production property transition aid and providing an appropriation; increasing the budget reserve
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