Minnesota Legislature
SF 2523
as introduced - 90th Legislature (2017 - 2018) Posted on 02/27/2018 09:49am
Current Version - as introduced
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A bill for an act
relating to taxation; individual income and corporate franchise; providing for
conformity to the Disaster Tax Relief and Airport and Airway Extension Act;
amending Minnesota Statutes 2017 Supplement, sections 289A.02, subdivision 7;
290.01, subdivisions 19, 31; 290A.03, subdivision 15.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2017 Supplement, section 289A.02, subdivision 7, is
amended to read:
Subd. 7.
Internal Revenue Code.
Unless specifically defined otherwise, "Internal
Revenue Code" means the Internal Revenue Code of 1986, as amended through deleted text begin December
16, 2016deleted text end new text begin September 29, 2017new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment.
new text end
Sec. 2.
Minnesota Statutes 2017 Supplement, section 290.01, subdivision 19, 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 sections 290.0131 to 290.0136.
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 deleted text begin December 16, 2016deleted text end new text begin September
29, 2017new text end , shall be in effect for taxable years beginning after December 31, 1996.
Except as otherwise provided, references to the Internal Revenue Code in this subdivision
and sections 290.0131 to 290.0136 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 following final enactment, except
the changes incorporated by federal changes are effective retroactively at the same time as
the changes were effective for federal purposes.
new text end
Sec. 3.
Minnesota Statutes 2017 Supplement, section 290.01, subdivision 31, is amended
to read:
Subd. 31.
Internal Revenue Code.
Unless specifically defined otherwise, "Internal
Revenue Code" means the Internal Revenue Code of 1986, as amended through deleted text begin December
16, 2016deleted text end new text begin September 29, 2017new text end . Internal Revenue Code also includes any uncodified provision
in federal law that relates to provisions of the Internal Revenue Code that are incorporated
into Minnesota law. When used in this chapter, the reference to "subtitle A, chapter 1,
subchapter N, part 1, of the Internal Revenue Code" is to the Internal Revenue Code as
amended through March 18, 2010.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective the day following final enactment, except
the changes incorporated by federal changes are effective retroactively at the same time as
the changes were effective for federal purposes.
new text end
Sec. 4.
Minnesota Statutes 2017 Supplement, section 290A.03, subdivision 15, is amended
to read:
Subd. 15.
Internal Revenue Code.
"Internal Revenue Code" means the Internal Revenue
Code of 1986, as amended through deleted text begin December 16, 2016deleted text end new text begin September 29, 2017new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for property tax refunds based on property
taxes payable after December 31, 2017, and rent paid after December 31, 2016.
new text end