Minnesota Legislature
HF 1007
as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Bill Text Versions
| Engrossments | ||
|---|---|---|
| Introduction | Posted on 02/14/2007 |
Current Version - as introduced
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A bill for an act
relating to taxation; conforming certain income, franchise, and property tax
refund provisions for tax years 2006 and 2007 to the federal teacher expense
deduction, tuition subtraction, and other provisions of the Tax Relief and Health
Care Act of 2006, the Heroes Earned Retirement Opportunity Act, and the
Pension Protection Plan of 2006; amending Minnesota Statutes 2006, sections
290.01, subdivisions 19, as amended, 31, as amended; 290A.03, subdivision
15, as amended.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2006, section 290.01, subdivision 19, as amended by
2007 H.F. No. 8, section 1, if enacted, is amended to read:
Subd. 19.
Net income.
The term "net income" means the federal taxable income,
as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
date named in this subdivision, incorporating the federal effective dates of changes to the
Internal Revenue Code and any elections made by the taxpayer in accordance with the
Internal Revenue Code in determining federal taxable income for federal income tax
purposes, and with the modifications provided in subdivisions 19a to 19f.
In the case of a regulated investment company or a fund thereof, as defined in section
851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
except that:
(1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
Revenue Code does not apply;
(2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
Revenue Code must be applied by allowing a deduction for capital gain dividends and
exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
Revenue Code; and
(3) the deduction for dividends paid must also be applied in the amount of any
undistributed capital gains which the regulated investment company elects to have treated
as provided in section 852(b)(3)(D) of the Internal Revenue Code.
The net income of a real estate investment trust as defined and limited by section
856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
The net income of a designated settlement fund as defined in section 468B(d) of
the Internal Revenue Code means the gross income as defined in section 468B(b) of the
Internal Revenue Code.
The Internal Revenue Code of 1986, as amended through May 18, 2006, shall be in
effect for taxable years beginning after December 31, 1996, and before January 1, 2006,
and for taxable years beginning after December 31, deleted text begin 2006deleted text end new text begin 2007new text end . The Internal Revenue
Code of 1986, as amended through December 31, 2006, is in effect for taxable years
beginning after December 31, 2005, and before January 1, deleted text begin 2007deleted text end new text begin 2008new text end .
Except as otherwise provided, references to the Internal Revenue Code in
subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
the applicable year.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day after final enactment.
new text end
Sec. 2.
Minnesota Statutes 2006, section 290.01, subdivision 31, as amended by 2007
H.F. No. 8, section 3, if enacted, is amended to read:
Subd. 31.
Internal Revenue Code.
Unless specifically defined otherwise, for
taxable years beginning before January 1, 2006, and after December 31, deleted text begin 2006deleted text end new text begin 2007new text end ,
"Internal Revenue Code" means the Internal Revenue Code of 1986, as amended through
May 18, 2006; and for taxable years beginning after December 31, 2005, and before
January 1, deleted text begin 2007deleted text end new text begin 2008new text end , "Internal Revenue Code" means the Internal Revenue Code of
1986, as amended through December 31, 2006.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day after final enactment except
the changes incorporated by federal changes are effective at the same time as the changes
were effective for federal purposes.
new text end
Sec. 3.
Minnesota Statutes 2006, section 290A.03, subdivision 15, as amended by 2007
H.F. No. 8, section 4, if enacted, is amended to read:
Subd. 15.
Internal Revenue Code.
For taxable years beginning before January 1,
2006, and after December 31, deleted text begin 2006deleted text end new text begin 2007new text end , "Internal Revenue Code" means the Internal
Revenue Code of 1986, as amended through May 18, 2006; and for taxable years
beginning after December 31, 2005, and before January 1, deleted text begin 2007deleted text end new text begin 2008new text end , "Internal Revenue
Code" means the Internal Revenue Code of 1986, as amended through December 31, 2006.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for property tax refunds based on
property taxes payable on or after December 31, 2006, and rent paid on or after December
31, 2005.
new text end