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SF 3588

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/01/2022 09:40am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; income and corporate franchise; conforming to federal treatment
of qualified improvement property; amending Minnesota Statutes 2021 Supplement,
section 290.0111.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2021 Supplement, section 290.0111, is amended to read:


290.0111 deleted text beginTEMPORARYdeleted text end CONFORMITY TO CERTAIN FEDERAL TAX
CHANGES.

Subdivision 1.

Adopting Internal Revenue Code changes.

For the purposes of this
chapter, "Internal Revenue Code," as defined in section 290.01, subdivisions 19 and 31,
includes the sections of federal law specified in this section as enacted or amended through
March 31, 2021.

Subd. 2.

Further Consolidated Appropriations Act, 2020.

(a) "Internal Revenue Code"
includes the following provisions of the Taxpayer Certainty and Disaster Tax Relief Act of
2019 in Public Law 116-94:

(1) section 101;

(2) section 116;

(3) section 117;

(4) section 130;

(5) section 131;

(6) section 132;

(7) section 144;

(8) section 201;

(9) section 202; and

(10) section 204.

(b) "Internal Revenue Code" includes section 301 of the Setting Every Community Up
for Retirement Enhancement Act of 2019 in Public Law 116-94.

Subd. 3.

CARES Act.

"Internal Revenue Code" includes the following sections of Public
Law 116-136:

(1) section 1106(i); deleted text beginand
deleted text end

(2) section 2202new text begin; and
new text end

new text begin (3) section 2307new text end.

Subd. 4.

Consolidated Appropriations Act, 2021.

(a) "Internal Revenue Code" includes
the following provisions of the COVID-related Tax Relief Act of 2020 in Public Law
116-260:

(1) section 275;

(2) section 276; and

(3) section 277.

(b) For taxable years beginning after December 31, 2019, and before January 1, 2021,
"Internal Revenue Code" includes sections 278(b) and 278(c) of the COVID-related Tax
Relief Act of 2020 in Public Law 116-260.

Subd. 5.

American Rescue Plan Act.

"Internal Revenue Code" includes section 9042
of Public Law 117-2.

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 immediately at the same time as
the changes were effective for federal purposes.
new text end