Minnesota Legislature
HF 3882
as introduced - 91st Legislature (2019 - 2020) Posted on 03/02/2020 04:25pm
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A bill for an act
relating to taxation; individual income and corporate franchise; allowing full section
179 expensing for certain like-kind exchange property; amending Minnesota
Statutes 2018, sections 290.0131, subdivision 10; 290.0133, subdivision 12.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2018, section 290.0131, subdivision 10, is amended to read:
Subd. 10.
Section 179 expensing.
new text begin (a) Except for qualifying depreciable property, new text end 80
percent of the amount by which the deduction allowed under the dollar limits of section
179 of the Internal Revenue Code exceeds the deduction allowable by section 179 of the
Internal Revenue Code, as amended through December 31, 2003, is an addition.
new text begin
(b) For purposes of this subdivision, "qualifying depreciable property" means:
new text end
new text begin
(1) property for which a depreciation deduction is allowed under section 167 of the
Internal Revenue Code; and
new text end
new text begin
(2) except for property on which a gain is not required to be recognized under section
1031 of the Internal Revenue Code, property on which a gain is not required to be recognized
under section 1031 of the Internal Revenue Code of 1986, as amended through December
16, 2016.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for property placed in
service in taxable years beginning after December 31, 2017.
new text end
Sec. 2.
Minnesota Statutes 2018, section 290.0133, subdivision 12, is amended to read:
Subd. 12.
Section 179 expensing.
new text begin (a) Except for qualifying depreciable property, new text end 80
percent of the amount by which the deduction allowed under the dollar limits of section
179 of the Internal Revenue Code exceeds the deduction allowable by section 179 of the
Internal Revenue Code, as amended through December 31, 2003, is an addition.
new text begin
(b) For purposes of this subdivision, "qualifying depreciable property" means:
new text end
new text begin
(1) property for which a depreciation deduction is allowed under section 167 of the
Internal Revenue Code; and
new text end
new text begin
(2) except for property on which a gain is not required to be recognized under section
1031 of the Internal Revenue Code, property on which a gain is not required to be recognized
under section 1031 of the Internal Revenue Code of 1986, as amended through December
16, 2016.
new text end
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective retroactively for property placed in
service in taxable years beginning after December 31, 2017.
new text end