Bill Text: MN HF63 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Income, franchise, and property tax refund provisions for the tax year 2012 conformed to the Federal Aviation Administration Modernization and Reform Act of 2012 and the American Taxpayer Relief Act of 2012.
Sponsorship: Partisan Bill (Republican 3)
Status: (Introduced - Dead) 2013-01-17 - Motion did not prevail [HF63 Detail]
Download: Minnesota-2013-HF63-Introduced.html
1.2relating to taxation; conforming certain income, franchise, and property tax
1.3refund provisions for tax year 2012 to the provisions of the Federal Aviation
1.4Administration Modernization and Reform Act of 2012 and the American
1.5Taxpayer Relief Act of 2012;amending Minnesota Statutes 2012, sections
1.6290.01, subdivisions 19, 31; 290A.03, subdivision 15.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2012, section 290.01, subdivision 19, is amended to read:
1.9 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.10as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.11date named in this subdivision, incorporating the federal effective dates of changes to the
1.12Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.13Internal Revenue Code in determining federal taxable income for federal income tax
1.14purposes, and with the modifications provided in subdivisions 19a to 19f.
1.15 In the case of a regulated investment company or a fund thereof, as defined in section
1.16851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.17company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.18except that:
1.19 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.20Revenue Code does not apply;
1.21 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.22Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.23exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.24Revenue Code; and
2.1 (3) the deduction for dividends paid must also be applied in the amount of any
2.2undistributed capital gains which the regulated investment company elects to have treated
2.3as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.4 The net income of a real estate investment trust as defined and limited by section
2.5856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.6taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.7 The net income of a designated settlement fund as defined in section 468B(d) of
2.8the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.9Internal Revenue Code.
2.10 The Internal Revenue Code of 1986, as amended through April 14, 2011, shall be
2.11in effect for taxable years beginning after December 31, 1996. The provisions of the
2.12act of January 22, 2010, Public Law 111-126, to accelerate the benefits for charitable
2.13cash contributions for the relief of victims of the Haitian earthquake, are effective at the
2.14same time they became effective for federal purposes and apply to the subtraction under
2.15subdivision 19b, clause (6). The provisions of title II, section 2112, of the act of September
2.1627, 2010, Public Law 111-240, rollovers from elective deferral plans to designated Roth
2.17accounts, are effective at the same time they became effective for federal purposes and
2.18taxable rollovers are included in net income at the same time they are included in gross
2.19income for federal purposes, and before January 1, 2012, and for taxable years beginning
2.20after December 31, 2012. The Internal Revenue Code of 1986, as amended through
2.21January 3, 2013, is in effect for taxable years beginning after December 31, 2011, and
2.22before January 1, 2013.
2.23 Except as otherwise provided, references to the Internal Revenue Code in
2.24subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.25the applicable year.
2.26EFFECTIVE DATE.This section is effective the day following final enactment.
2.27 Sec. 2. Minnesota Statutes 2012, section 290.01, subdivision 31, is amended to read:
2.28 Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, for
2.29taxable years beginning before January 1, 2012, and after December 31, 2012, "Internal
2.30Revenue Code" means the Internal Revenue Code of 1986, as amended through April 14,
2.312011; and for taxable years beginning after December 31, 2011, and before January 1,
2.322013, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended
2.33through January 3, 2013. Internal Revenue Code also includes any uncodified provision in
2.34federal law that relates to provisions of the Internal Revenue Code that are incorporated
2.35into Minnesota law. When used in this chapter, the reference to "subtitle A, chapter 1,
3.1subchapter N, part 1, of the Internal Revenue Code" is to the Internal Revenue Code as
3.2amended through March 18, 2010.
3.3EFFECTIVE DATE.This section is effective the day following final enactment
3.4except the changes incorporated by federal changes are effective at the same time as the
3.5changes were effective for federal purposes.
3.6 Sec. 3. Minnesota Statutes 2012, section 290A.03, subdivision 15, is amended to read:
3.7 Subd. 15. Internal Revenue Code. For taxable years beginning before January 1,
3.82012, and after December 31, 2012, "Internal Revenue Code" means the Internal Revenue
3.9Code of 1986, as amended through April 14, 2011; and for taxable years beginning after
3.10December 31, 2011, and before January 1, 2013, "Internal Revenue Code" means the
3.11Internal Revenue Code of 1986, as amended through January 3, 2013.
3.12EFFECTIVE DATE.This section is effective for property tax refunds based on
3.13property taxes payable after December 31, 2012, and rent paid after December 31, 2011.
3.14 Sec. 4. AMENDED RETURNS; CERTAIN IRA ROLLOVERS.
3.15An individual who excludes an amount from net income in a prior taxable year
3.16through rollover of an airline payment amount to a traditional IRA, as authorized under
3.17Public Law 112-95, section 1106, may file an amended individual income tax return and
3.18claim for refund of state taxes as provided under Minnesota Statutes, section 289A.40,
3.19subdivision 1, or, if later, by April 15, 2013.
3.20EFFECTIVE DATE.This section is effective the day following final enactment.
1.3refund provisions for tax year 2012 to the provisions of the Federal Aviation
1.4Administration Modernization and Reform Act of 2012 and the American
1.5Taxpayer Relief Act of 2012;amending Minnesota Statutes 2012, sections
1.6290.01, subdivisions 19, 31; 290A.03, subdivision 15.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2012, section 290.01, subdivision 19, is amended to read:
1.9 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.10as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.11date named in this subdivision, incorporating the federal effective dates of changes to the
1.12Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.13Internal Revenue Code in determining federal taxable income for federal income tax
1.14purposes, and with the modifications provided in subdivisions 19a to 19f.
1.15 In the case of a regulated investment company or a fund thereof, as defined in section
1.16851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.17company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.18except that:
1.19 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.20Revenue Code does not apply;
1.21 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.22Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.23exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.24Revenue Code; and
2.1 (3) the deduction for dividends paid must also be applied in the amount of any
2.2undistributed capital gains which the regulated investment company elects to have treated
2.3as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.4 The net income of a real estate investment trust as defined and limited by section
2.5856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.6taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.7 The net income of a designated settlement fund as defined in section 468B(d) of
2.8the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.9Internal Revenue Code.
2.10 The Internal Revenue Code of 1986, as amended through April 14, 2011, shall be
2.11in effect for taxable years beginning after December 31, 1996
2.12
2.13
2.14
2.15
2.16
2.17
2.18
2.19
2.20after December 31, 2012. The Internal Revenue Code of 1986, as amended through
2.21January 3, 2013, is in effect for taxable years beginning after December 31, 2011, and
2.22before January 1, 2013.
2.23 Except as otherwise provided, references to the Internal Revenue Code in
2.24subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.25the applicable year.
2.26EFFECTIVE DATE.This section is effective the day following final enactment.
2.27 Sec. 2. Minnesota Statutes 2012, section 290.01, subdivision 31, is amended to read:
2.28 Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, for
2.29taxable years beginning before January 1, 2012, and after December 31, 2012, "Internal
2.30Revenue Code" means the Internal Revenue Code of 1986, as amended through April 14,
2.312011; and for taxable years beginning after December 31, 2011, and before January 1,
2.322013, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended
2.33through January 3, 2013. Internal Revenue Code also includes any uncodified provision in
2.34federal law that relates to provisions of the Internal Revenue Code that are incorporated
2.35into Minnesota law. When used in this chapter, the reference to "subtitle A, chapter 1,
3.1subchapter N, part 1, of the Internal Revenue Code" is to the Internal Revenue Code as
3.2amended through March 18, 2010.
3.3EFFECTIVE DATE.This section is effective the day following final enactment
3.4except the changes incorporated by federal changes are effective at the same time as the
3.5changes were effective for federal purposes.
3.6 Sec. 3. Minnesota Statutes 2012, section 290A.03, subdivision 15, is amended to read:
3.7 Subd. 15. Internal Revenue Code. For taxable years beginning before January 1,
3.82012, and after December 31, 2012, "Internal Revenue Code" means the Internal Revenue
3.9Code of 1986, as amended through April 14, 2011; and for taxable years beginning after
3.10December 31, 2011, and before January 1, 2013, "Internal Revenue Code" means the
3.11Internal Revenue Code of 1986, as amended through January 3, 2013.
3.12EFFECTIVE DATE.This section is effective for property tax refunds based on
3.13property taxes payable after December 31, 2012, and rent paid after December 31, 2011.
3.14 Sec. 4. AMENDED RETURNS; CERTAIN IRA ROLLOVERS.
3.15An individual who excludes an amount from net income in a prior taxable year
3.16through rollover of an airline payment amount to a traditional IRA, as authorized under
3.17Public Law 112-95, section 1106, may file an amended individual income tax return and
3.18claim for refund of state taxes as provided under Minnesota Statutes, section 289A.40,
3.19subdivision 1, or, if later, by April 15, 2013.
3.20EFFECTIVE DATE.This section is effective the day following final enactment.
