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Minnesota Legislature

Office of the Revisor of Statutes

Key: (1) language to be deleted (2) new language

  

                         Laws of Minnesota 1985 

                         CHAPTER 2-S.F.No. 100 
           An act relating to taxation; income; adopting federal 
          changes relating to interest on mortgage subsidy bonds;
          amending Minnesota Statutes 1984, section 290.01, 
          subdivision 20. 
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
    Section 1.  Minnesota Statutes 1984, section 290.01, 
subdivision 20, is amended to read: 
    Subd. 20.  [GROSS INCOME.] Except as otherwise provided in 
this chapter, the term "gross income," as applied to 
corporations includes every kind of compensation for labor or 
personal services of every kind from any private or public 
employment, office, position or services; income derived from 
the ownership or use of property; gains or profits derived from 
every kind of disposition of, or every kind of dealing in, 
property; income derived from the transaction of any trade or 
business; and income derived from any source.  
    The term "gross income" in its application to individuals, 
estates, and trusts shall mean the adjusted gross income as 
defined in the Internal Revenue Code of 1954, as amended through 
the date specified herein for the applicable taxable year, with 
the modifications specified in this subdivision and in 
subdivisions 20a to 20f.  For estates and trusts the adjusted 
gross income shall be their federal taxable income as defined in 
the Internal Revenue Code of 1954, as amended through the date 
specified herein for the applicable taxable year, with the 
modifications specified in this subdivision and in subdivisions 
20a to 20f. 
      (i) The Internal Revenue Code of 1954, as amended through 
December 31, 1976, including the amendments made to section 280A 
(relating to licensed day care centers) in H.R. 3477 as it 
passed the Congress on May 16, 1977, shall be in effect for the 
taxable years beginning after December 31, 1976.  The provisions 
of the Tax Reform Act of 1976, P.L. 94-455, which affect 
adjusted gross income shall become effective for purposes of 
this chapter at the same time they become effective for federal 
income tax purposes.  
      The provisions of section 4 of P.L. 95-458, sections 131, 
133, 134, 141, 152, 156, 157, 405, and 543 of P.L. 95-600, and 
section 2 of P.L. 96-608 (relating to pensions, individual 
retirement accounts, deferred compensation plans, the sale of a 
residence and to conservation payments to farmers) including the 
amendments made to these sections in P.L. 96-222 shall be 
effective at the same time that these provisions became 
effective for federal income tax purposes. 
      (ii) The Internal Revenue Code of 1954, as amended through 
December 31, 1979, shall be in effect for taxable years 
beginning after December 31, 1979. 
      (iii) The Internal Revenue Code of 1954, as amended through 
December 31, 1980, and as amended by sections 302(b) and 501 to 
509 of Public Law Number 97-34, shall be in effect for taxable 
years beginning after December 31, 1980 including the provisions 
of section 404 (relating to partial exclusions of dividends and 
interest received by individuals) of the Crude Oil Windfall 
Profit Tax Act of 1980, P.L. 96-223.  The provisions of P.L. 
96-471 (relating to installment sales) sections 122, 123, 126, 
201, 202, 203, 204, 211, 213, 214, 251, 261, 264, 265, 
311(g)(3), 313, 314(a)(1), 321(a), 501 to 507, 811, and 812 of 
the Economic Recovery Tax Act of 1981, Public Law Number 97-34 
and section 113 of Public Law Number 97-119 shall be effective 
at the same time that they become effective for federal income 
tax purposes. 
    (iv) The Internal Revenue Code of 1954, as amended through 
December 31, 1981, shall be in effect for taxable years 
beginning after December 31, 1981.  The provisions of sections 
205(a), 214 to 222, 231, 232, 236, 247, 251, 252, 253, 265, 266, 
285, 288, and 335 of the Tax Equity and Fiscal Responsibility 
Act of 1982, Public Law Number 97-248, section 6(b)(2) and (3) 
of the Subchapter S Revision Act of 1982, Public Law Number 
97-354, section 517 of Public Law Number 97-424, sections 101(c) 
and (d), 102(a), (aa), (f)(4), (g), (j), (l), 103(c), 104(b)(3), 
105, 305(d), 306(a)(9) of Public Law Number 97-448, and sections 
101 and 102 of Public Law Number 97-473 shall be effective at 
the same time that they become effective for federal income tax 
purposes.  The Payment-in-Kind Tax Treatment Act of 1983, Public 
Law Number 98-4, shall be effective at the same time that it 
becomes effective for federal income tax purposes. 
    (v) The Internal Revenue Code of 1954, as amended through 
January 15, 1983, shall be in effect for taxable years beginning 
after December 31, 1982. 
    (vi) The Internal Revenue Code of 1954, as amended through 
December 31, 1983, shall be in effect for taxable years 
beginning after December 31, 1983.  
    The provisions of section 611(a) of the Deficit Reduction 
Act of 1984, Public Law Number 98-369, shall be effective at the 
same time that they become effective for federal income tax 
purposes. 
    References to the Internal Revenue Code of 1954 in 
subdivisions 20a, 20b, 20c, 20e, and 20f shall mean the code in 
effect for the purpose of defining gross income for the 
applicable taxable year.  
    Sec. 2.  [EFFECTIVE DATE.] 
    Section 1 is effective for obligations issued after 
December 31, 1983. 
    Approved February 21, 1985