as introduced - 90th Legislature (2017 - 2018) Posted on 02/03/2017 08:45am
A bill for an act
relating to taxation; individual income and corporate franchise; conforming to
federal section 179 allowances; amending Minnesota Statutes 2016, sections
290.0131, subdivision 10, as amended; 290.0133, subdivision 12, as amended.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2016, section 290.0131, subdivision 10, as amended by
Laws 2017, chapter 1, section 4, is amended to read:
new text begin For taxable years beginning before January 1, 2017,
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
This section is effective for taxable years beginning after December
31, 2016.
new text end
Minnesota Statutes 2016, section 290.0133, subdivision 12, as amended by Laws
2017, chapter 1, section 5, is amended to read:
new text begin For taxable years beginning before January 1, 2017,
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
This section is effective for taxable years beginning after December
31, 2016.
new text end