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HF 777

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/10/2021 12:49pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4
1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 2.1 2.2 2.3
2.4 2.5 2.6

A bill for an act
relating to taxation; income; excluding loans forgiven under the paycheck protection
program from gross income; allowing expense deductions.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text beginEXCLUSION FROM GROSS INCOME FOR FORGIVEN PPP LOANS.
new text end

new text begin Subdivision 1. new text end

new text begin Scope. new text end

new text begin This section applies for the purpose of calculating:
new text end

new text begin (1) net income, as defined in Minnesota Statutes, section 290.01, subdivision 19;
new text end

new text begin (2) income, as defined in Minnesota Statutes, section 290.0674, subdivision 2a;
new text end

new text begin (3) alternative minimum taxable income, as defined in Minnesota Statutes, section
290.091, subdivision 2;
new text end

new text begin (4) alternative minimum taxable net income, as defined in Minnesota Statutes, section
290.0921, subdivision 2; and
new text end

new text begin (5) income, as defined in Minnesota Statutes, section 290A.03, subdivision 3.
new text end

new text begin Subd. 2. new text end

new text begin Adopting federal changes related to the paycheck protection
program.
new text end

new text begin "Internal Revenue Code" has the meaning given in Minnesota Statutes, section
290.01, subdivision 31, as amended through the date specified in that subdivision, but
including the following amendments:
new text end

new text begin (1) the exclusion from gross income under Public Law 116-136, section 1106(i); and
new text end

new text begin (2) section 276 of the COVID-related Tax Relief Act of 2020 in Public Law 116-260.
new text end

new text begin Subd. 3. new text end

new text begin No denial of deduction. new text end

new text begin Notwithstanding Minnesota Statutes, section 290.10,
the commissioner of revenue must not deny a taxpayer a deduction that is allowed under
section 276 of the COVID-related Tax Relief Act of 2020 in Public Law 116-260.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively at the same time the
provisions of federal law specified in subdivision 2, clauses (1) and (2), were effective for
federal purposes.
new text end