SF 3392

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; conforming certain tax 
  1.3             provisions to changes in the Internal Revenue Code 
  1.4             relating to victims of terrorism; amending Minnesota 
  1.5             Statutes 2001 Supplement, section 290.01, subdivisions 
  1.6             19, 31. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2001 Supplement, section 
  1.9   290.01, subdivision 19, is amended to read: 
  1.10     Subd. 19.  [NET INCOME.] The term "net income" means the 
  1.11  federal taxable income, as defined in section 63 of the Internal 
  1.12  Revenue Code of 1986, as amended through the date named in this 
  1.13  subdivision, incorporating any elections made by the taxpayer in 
  1.14  accordance with the Internal Revenue Code in determining federal 
  1.15  taxable income for federal income tax purposes, and with the 
  1.16  modifications provided in subdivisions 19a to 19f. 
  1.17     In the case of a regulated investment company or a fund 
  1.18  thereof, as defined in section 851(a) or 851(g) of the Internal 
  1.19  Revenue Code, federal taxable income means investment company 
  1.20  taxable income as defined in section 852(b)(2) of the Internal 
  1.21  Revenue Code, except that:  
  1.22     (1) the exclusion of net capital gain provided in section 
  1.23  852(b)(2)(A) of the Internal Revenue Code does not apply; 
  1.24     (2) the deduction for dividends paid under section 
  1.25  852(b)(2)(D) of the Internal Revenue Code must be applied by 
  1.26  allowing a deduction for capital gain dividends and 
  2.1   exempt-interest dividends as defined in sections 852(b)(3)(C) 
  2.2   and 852(b)(5) of the Internal Revenue Code; and 
  2.3      (3) the deduction for dividends paid must also be applied 
  2.4   in the amount of any undistributed capital gains which the 
  2.5   regulated investment company elects to have treated as provided 
  2.6   in section 852(b)(3)(D) of the Internal Revenue Code.  
  2.7      The net income of a real estate investment trust as defined 
  2.8   and limited by section 856(a), (b), and (c) of the Internal 
  2.9   Revenue Code means the real estate investment trust taxable 
  2.10  income as defined in section 857(b)(2) of the Internal Revenue 
  2.11  Code.  
  2.12     The net income of a designated settlement fund as defined 
  2.13  in section 468B(d) of the Internal Revenue Code means the gross 
  2.14  income as defined in section 468B(b) of the Internal Revenue 
  2.15  Code. 
  2.16     The provisions of sections 1113(a), 1117, 1206(a), 1313(a), 
  2.17  1402(a), 1403(a), 1443, 1450, 1501(a), 1605, 1611(a), 1612, 
  2.18  1616, 1617, 1704(l), and 1704(m) of the Small Business Job 
  2.19  Protection Act, Public Law Number 104-188, the provisions of 
  2.20  Public Law Number 104-117, the provisions of sections 313(a) and 
  2.21  (b)(1), 602(a), 913(b), 941, 961, 971, 1001(a) and (b), 1002, 
  2.22  1003, 1012, 1013, 1014, 1061, 1062, 1081, 1084(b), 1086, 1087, 
  2.23  1111(a), 1131(b) and (c), 1211(b), 1213, 1530(c)(2), 1601(f)(5) 
  2.24  and (h), and 1604(d)(1) of the Taxpayer Relief Act of 1997, 
  2.25  Public Law Number 105-34, the provisions of section 6010 of the 
  2.26  Internal Revenue Service Restructuring and Reform Act of 1998, 
  2.27  Public Law Number 105-206, the provisions of section 4003 of the 
  2.28  Omnibus Consolidated and Emergency Supplemental Appropriations 
  2.29  Act, 1999, Public Law Number 105-277, and the provisions of 
  2.30  section 318 of the Consolidated Appropriation Act of 2001, 
  2.31  Public Law Number 106-554, shall become effective at the time 
  2.32  they become effective for federal purposes. 
  2.33     The Internal Revenue Code of 1986, as amended through 
  2.34  December 31, 1996, shall be in effect for taxable years 
  2.35  beginning after December 31, 1996. 
  2.36     The provisions of sections 202(a) and (b), 221(a), 225, 
  3.1   312, 313, 913(a), 934, 962, 1004, 1005, 1052, 1063, 1084(a) and 
  3.2   (c), 1089, 1112, 1171, 1204, 1271(a) and (b), 1305(a), 1306, 
  3.3   1307, 1308, 1309, 1501(b), 1502(b), 1504(a), 1505, 1527, 1528, 
  3.4   1530, 1601(d), (e), (f), and (i) and 1602(a), (b), (c), and (e) 
  3.5   of the Taxpayer Relief Act of 1997, Public Law Number 105-34, 
  3.6   the provisions of sections 6004, 6005, 6012, 6013, 6015, 6016, 
  3.7   7002, and 7003 of the Internal Revenue Service Restructuring and 
  3.8   Reform Act of 1998, Public Law Number 105-206, the provisions of 
  3.9   section 3001 of the Omnibus Consolidated and Emergency 
  3.10  Supplemental Appropriations Act, 1999, Public Law Number 
  3.11  105-277, the provisions of section 3001 of the Miscellaneous 
  3.12  Trade and Technical Corrections Act of 1999, Public Law Number 
  3.13  106-36, and the provisions of section 316 of the Consolidated 
  3.14  Appropriation Act of 2001, Public Law Number 106-554, shall 
  3.15  become effective at the time they become effective for federal 
  3.16  purposes. 
  3.17     The Internal Revenue Code of 1986, as amended through 
  3.18  December 31, 1997, shall be in effect for taxable years 
  3.19  beginning after December 31, 1997. 
  3.20     The provisions of sections 5002, 6009, 6011, and 7001 of 
  3.21  the Internal Revenue Service Restructuring and Reform Act of 
  3.22  1998, Public Law Number 105-206, the provisions of section 9010 
  3.23  of the Transportation Equity Act for the 21st Century, Public 
  3.24  Law Number 105-178, the provisions of sections 1004, 4002, and 
  3.25  5301 of the Omnibus Consolidation and Emergency Supplemental 
  3.26  Appropriations Act, 1999, Public Law Number 105-277, the 
  3.27  provision of section 303 of the Ricky Ray Hemophilia Relief Fund 
  3.28  Act of 1998, Public Law Number 105-369, the provisions of 
  3.29  sections 532, 534, 536, 537, and 538 of the Ticket to Work and 
  3.30  Work Incentives Improvement Act of 1999, Public Law Number 
  3.31  106-170, the provisions of the Installment Tax Correction Act of 
  3.32  2000, Public Law Number 106-573, and the provisions of section 
  3.33  309 of the Consolidated Appropriation Act of 2001, Public Law 
  3.34  Number 106-554, shall become effective at the time they become 
  3.35  effective for federal purposes. 
  3.36     The Internal Revenue Code of 1986, as amended through 
  4.1   December 31, 1998, shall be in effect for taxable years 
  4.2   beginning after December 31, 1998.  
  4.3      The provisions of the FSC Repeal and Extraterritorial 
  4.4   Income Exclusion Act of 2000, Public Law Number 106-519, shall 
  4.5   become effective at the time it became effective for federal 
  4.6   purposes. 
  4.7      The Internal Revenue Code of 1986, as amended through 
  4.8   December 31, 1999, shall be in effect for taxable years 
  4.9   beginning after December 31, 1999.  The provisions of sections 
  4.10  306 and 401 of the Consolidated Appropriation Act of 2001, 
  4.11  Public Law Number 106-554, and the provision of section 
  4.12  632(b)(2)(A) of the Economic Growth and Tax Relief 
  4.13  Reconciliation Act of 2001, Public Law Number 107-16, shall 
  4.14  become effective at the same time it became effective for 
  4.15  federal purposes. 
  4.16     The Internal Revenue Code of 1986, as amended through 
  4.17  December 31, 2000, shall be in effect for taxable years 
  4.18  beginning after December 31, 2000.  The provisions of sections 
  4.19  659a and 671 of the Economic Growth and Tax Relief 
  4.20  Reconciliation Act of 2001, Public Law Number 107-16, and the 
  4.21  provisions of sections 104, 105, and 111 of the Victims of 
  4.22  Terrorism Tax Relief Act of 2001, Public Law Number 107-134, 
  4.23  shall become effective at the same time it became effective for 
  4.24  federal purposes. 
  4.25     The Internal Revenue Code of 1986, as amended through June 
  4.26  15, 2001 February 1, 2002, shall be in effect for taxable years 
  4.27  beginning after December 31, 2001. 
  4.28     The provisions of sections 101 and 102 of the Victims of 
  4.29  Terrorism Tax Relief Act of 2001, Public Law Number 107-134, 
  4.30  shall become effective at the same time it becomes effective for 
  4.31  federal purposes. 
  4.32     Except as otherwise provided, references to the Internal 
  4.33  Revenue Code in subdivisions 19a to 19g mean the code in effect 
  4.34  for purposes of determining net income for the applicable year. 
  4.35     [EFFECTIVE DATE.] This section is effective the day 
  4.36  following final enactment. 
  5.1      Sec. 2.  Minnesota Statutes 2001 Supplement, section 
  5.2   290.01, subdivision 31, is amended to read: 
  5.3      Subd. 31.  [INTERNAL REVENUE CODE.] Unless specifically 
  5.4   defined otherwise, "Internal Revenue Code" means the Internal 
  5.5   Revenue Code of 1986, as amended through June 15, 2001 February 
  5.6   1, 2002. 
  5.7      [EFFECTIVE DATE.] This section is effective the day 
  5.8   following final enactment.