HF 854

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; updating references to the 
  1.3             Internal Revenue Code; amending Minnesota Statutes 
  1.4             1994, section 290.01, subdivision 19. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 290.01, 
  1.7   subdivision 19, is amended to read: 
  1.8      Subd. 19.  [NET INCOME.] The term "net income" means the 
  1.9   federal taxable income, as defined in section 63 of the Internal 
  1.10  Revenue Code of 1986, as amended through the date named in this 
  1.11  subdivision, incorporating any elections made by the taxpayer in 
  1.12  accordance with the Internal Revenue Code in determining federal 
  1.13  taxable income for federal income tax purposes, and with the 
  1.14  modifications provided in subdivisions 19a to 19f. 
  1.15     In the case of a regulated investment company or a fund 
  1.16  thereof, as defined in section 851(a) or 851(h) of the Internal 
  1.17  Revenue Code, federal taxable income means investment company 
  1.18  taxable income as defined in section 852(b)(2) of the Internal 
  1.19  Revenue Code, except that:  
  1.20     (1) the exclusion of net capital gain provided in section 
  1.21  852(b)(2)(A) of the Internal Revenue Code does not apply; and 
  1.22     (2) the deduction for dividends paid under section 
  1.23  852(b)(2)(D) of the Internal Revenue Code must be applied by 
  1.24  allowing a deduction for capital gain dividends and 
  1.25  exempt-interest dividends as defined in sections 852(b)(3)(C) 
  2.1   and 852(b)(5) of the Internal Revenue Code.  
  2.2      The net income of a real estate investment trust as defined 
  2.3   and limited by section 856(a), (b), and (c) of the Internal 
  2.4   Revenue Code means the real estate investment trust taxable 
  2.5   income as defined in section 857(b)(2) of the Internal Revenue 
  2.6   Code.  
  2.7      The net income of a designated settlement fund as defined 
  2.8   in section 468B(d) of the Internal Revenue Code means the gross 
  2.9   income as defined in section 468B(b) of the Internal Revenue 
  2.10  Code. 
  2.11     The Internal Revenue Code of 1986, as amended through 
  2.12  December 31, 1986, shall be in effect for taxable years 
  2.13  beginning after December 31, 1986.  The provisions of sections 
  2.14  10104, 10202, 10203, 10204, 10206, 10212, 10221, 10222, 10223, 
  2.15  10226, 10227, 10228, 10611, 10631, 10632, and 10711 of the 
  2.16  Omnibus Budget Reconciliation Act of 1987, Public Law Number 
  2.17  100-203, the provisions of sections 1001, 1002, 1003, 1004, 
  2.18  1005, 1006, 1008, 1009, 1010, 1011, 1011A, 1011B, 1012, 1013, 
  2.19  1014, 1015, 1018, 2004, 3041, 4009, 6007, 6026, 6032, 6137, 
  2.20  6277, and 6282 of the Technical and Miscellaneous Revenue Act of 
  2.21  1988, Public Law Number 100-647, and the provisions of sections 
  2.22  7811, 7816, and 7831 of the Omnibus Budget Reconciliation Act of 
  2.23  1989, Public Law Number 101-239, shall be effective at the time 
  2.24  they become effective for federal income tax purposes.  
  2.25     The Internal Revenue Code of 1986, as amended through 
  2.26  December 31, 1987, shall be in effect for taxable years 
  2.27  beginning after December 31, 1987.  The provisions of sections 
  2.28  4001, 4002, 4011, 5021, 5041, 5053, 5075, 6003, 6008, 6011, 
  2.29  6030, 6031, 6033, 6057, 6064, 6066, 6079, 6130, 6176, 6180, 
  2.30  6182, 6280, and 6281 of the Technical and Miscellaneous Revenue 
  2.31  Act of 1988, Public Law Number 100-647, the provisions of 
  2.32  sections 7815 and 7821 of the Omnibus Budget Reconciliation Act 
  2.33  of 1989, Public Law Number 101-239, and the provisions of 
  2.34  section 11702 of the Revenue Reconciliation Act of 1990, Public 
  2.35  Law Number 101-508, shall become effective at the time they 
  2.36  become effective for federal tax purposes.  
  3.1      The Internal Revenue Code of 1986, as amended through 
  3.2   December 31, 1988, shall be in effect for taxable years 
  3.3   beginning after December 31, 1988.  The provisions of sections 
  3.4   7101, 7102, 7104, 7105, 7201, 7202, 7203, 7204, 7205, 7206, 
  3.5   7207, 7210, 7211, 7301, 7302, 7303, 7304, 7601, 7621, 7622, 
  3.6   7641, 7642, 7645, 7647, 7651, and 7652 of the Omnibus Budget 
  3.7   Reconciliation Act of 1989, Public Law Number 101-239, the 
  3.8   provision of section 1401 of the Financial Institutions Reform, 
  3.9   Recovery, and Enforcement Act of 1989, Public Law Number 101-73, 
  3.10  and the provisions of sections 11701 and 11703 of the Revenue 
  3.11  Reconciliation Act of 1990, Public Law Number 101-508, shall 
  3.12  become effective at the time they become effective for federal 
  3.13  tax purposes.  
  3.14     The Internal Revenue Code of 1986, as amended through 
  3.15  December 31, 1989, shall be in effect for taxable years 
  3.16  beginning after December 31, 1989.  The provisions of sections 
  3.17  11321, 11322, 11324, 11325, 11403, 11404, 11410, and 11521 of 
  3.18  the Revenue Reconciliation Act of 1990, Public Law Number 
  3.19  101-508, and the provisions of sections 13224 and 13261 of the 
  3.20  Omnibus Budget Reconciliation Act of 1993, Public Law Number 
  3.21  103-66, shall become effective at the time they become effective 
  3.22  for federal purposes.  
  3.23     The Internal Revenue Code of 1986, as amended through 
  3.24  December 31, 1990, shall be in effect for taxable years 
  3.25  beginning after December 31, 1990. 
  3.26     The provisions of section 13431 of the Omnibus Budget 
  3.27  Reconciliation Act of 1993, Public Law Number 103-66, shall 
  3.28  become effective at the time they became effective for federal 
  3.29  purposes.  
  3.30     The Internal Revenue Code of 1986, as amended through 
  3.31  December 31, 1991, shall be in effect for taxable years 
  3.32  beginning after December 31, 1991.  
  3.33     The provisions of sections 1936 and 1937 of the 
  3.34  Comprehensive National Energy Policy Act of 1992, Public Law 
  3.35  Number 102-486, and the provisions of sections 13101, 13114, 
  3.36  13122, 13141, 13150, 13151, 13174, 13239, 13301, and 13442 of 
  4.1   the Omnibus Budget Reconciliation Act of 1993, Public Law Number 
  4.2   103-66, shall become effective at the time they become effective 
  4.3   for federal purposes.  
  4.4      The Internal Revenue Code of 1986, as amended through 
  4.5   December 31, 1992, shall be in effect for taxable years 
  4.6   beginning after December 31, 1992.  
  4.7      The provisions of sections 13116, 13121, 13206, 13210, 
  4.8   13222, 13223, 13231, 13232, 13233, 13239, 13262, and 13321 of 
  4.9   the Omnibus Budget Reconciliation Act of 1993, Public Law Number 
  4.10  103-66, shall become effective at the time they become effective 
  4.11  for federal purposes. 
  4.12     The Internal Revenue Code of 1986, as amended through 
  4.13  December 31, 1993, shall be in effect for taxable years 
  4.14  beginning after December 31, 1993. 
  4.15     The provision of section 741 of Legislation to Implement 
  4.16  Uruguay Round of General Agreement on Tariffs and Trade, Public 
  4.17  Law Number 103-465, shall become effective at the time they 
  4.18  become effective for federal purposes. 
  4.19     The Internal Revenue Code of 1986, as amended through 
  4.20  December 31, 1994, shall be in effect for taxable years 
  4.21  beginning after December 31, 1994. 
  4.22     Except as otherwise provided, references to the Internal 
  4.23  Revenue Code in subdivisions 19a to 19g mean the code in effect 
  4.24  for purposes of determining net income for the applicable year. 
  4.25     Sec. 2.  [FEDERAL CHANGES.] 
  4.26     The changes made by sections 721, 722, 723, and 744 of 
  4.27  Legislation to Implement Uruguay Round of General Agreement on 
  4.28  Tariffs and Trade, Public Law Number 103-465, which affect the 
  4.29  computation of the Minnesota working family credit under 
  4.30  Minnesota Statutes, section 290.0671, subdivision 1, and the 
  4.31  computation of the substantial understatement of liability 
  4.32  penalty of Minnesota Statutes, section 289A.60, subdivision 4, 
  4.33  shall become effective at the same time the changes become 
  4.34  effective for federal purposes. 
  4.35     Sec. 3.  [INSTRUCTION TO REVISOR.] 
  4.36     In the next edition of Minnesota Statutes, the revisor of 
  5.1   statutes shall substitute the phrase "Internal Revenue Code of 
  5.2   1986, as amended through December 31, 1994," for the words 
  5.3   "Internal Revenue Code of 1986, as amended through December 31, 
  5.4   1993," wherever the phrase occurs in chapters 289A, 290, 290A, 
  5.5   291, 297, 298, and 469, except section 290.01, subdivision 19.