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HF 1937

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/04/2021 02:48pm

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

Bill Text Versions

Engrossments
Introduction Posted on 03/04/2021

Current Version - as introduced

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A bill for an act
relating to taxation; individual income and corporate franchise; clarifying treatment
of section 179 expensing conformity.

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

Section 1. new text beginCLARIFICATION OF SECTION 179 EXPENSING CONFORMITY.
new text end

new text begin For taxable years beginning after December 31, 2019, no addition is required under
Minnesota Statutes, sections 290.0131, subdivision 10, and 290.0133, subdivision 12, for
property placed in service in taxable years beginning before January 1, 2020, including the
following:
new text end

new text begin (1) the addition for carryover amounts pursuant to section 179(b)(3) of the Internal
Revenue Code for property placed in service in taxable years beginning before January 1,
2020; and
new text end

new text begin (2) the addition for property placed in service in taxable years beginning before January
1, 2020, resulting from being a shareholder or partner in an S-corporation or partnership
with a taxable year that began before January 1, 2020.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective retroactively for taxable years beginning
after December 31, 2019.
new text end