Bill Text: MN SF379 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Federal tax conformance
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2011-02-21 - Referred to Taxes [SF379 Detail]
Download: Minnesota-2011-SF379-Introduced.html
1.2relating to taxation; conforming to federal tax treatment;amending Minnesota
1.3Statutes 2010, sections 289A.02, subdivision 7; 290.01, subdivisions 19, 31;
1.4290A.03, subdivision 15.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 289A.02, subdivision 7, is amended to
1.7read:
1.8 Subd. 7. Internal Revenue Code. Unless specifically defined otherwise, "Internal
1.9Revenue Code" means the Internal Revenue Code of 1986, as amended through March 18,
1.102010, and includes the provisions of the act of December 17, 2010, Public Law 111-312.
1.11EFFECTIVE DATE.This section is effective the day following final enactment.
1.12 Sec. 2. Minnesota Statutes 2010, section 290.01, subdivision 19, is amended to read:
1.13 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.14as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.15date named in this subdivision, incorporating the federal effective dates of changes to the
1.16Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.17Internal Revenue Code in determining federal taxable income for federal income tax
1.18purposes, and with the modifications provided in subdivisions 19a to 19f.
1.19 In the case of a regulated investment company or a fund thereof, as defined in section
1.20851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.21company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.22except that:
2.1 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
2.2Revenue Code does not apply;
2.3 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
2.4Revenue Code must be applied by allowing a deduction for capital gain dividends and
2.5exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
2.6Revenue Code; and
2.7 (3) the deduction for dividends paid must also be applied in the amount of any
2.8undistributed capital gains which the regulated investment company elects to have treated
2.9as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.10 The net income of a real estate investment trust as defined and limited by section
2.11856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.12taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.13 The net income of a designated settlement fund as defined in section 468B(d) of
2.14the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.15Internal Revenue Code.
2.16 The Internal Revenue Code of 1986, as amended through March 18, 2010, shall be
2.17in effect for taxable years beginning after December 31, 1996. The provisions of the
2.18act of January 22, 2010, Public Law 111-126, to accelerate the benefits for charitable
2.19cash contributions for the relief of victims of the Haitian earthquake, are effective at the
2.20same time it became effective for federal purposes and apply to the subtraction under
2.21subdivision 19b, clause (6). The provisions of the act of December 17, 2010, Public Law
2.22111-312, are effective at the same time they became effective for federal purposes.
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. 3. Minnesota Statutes 2010, section 290.01, subdivision 31, is amended to read:
2.28 Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, "Internal
2.29Revenue Code" means the Internal Revenue Code of 1986, as amended through March 18,
2.302010, and includes the provisions of the act of December 17, 2010, Public Law 111-312.
2.31Internal Revenue Code also includes any uncodified provision in federal law that relates to
2.32provisions of the Internal Revenue Code that are incorporated into Minnesota law.
3.1EFFECTIVE DATE.This section is effective the day following final enactment
3.2except that the changes incorporated by federal changes are effective at the same time as
3.3the changes were effective for federal purposes.
3.4 Sec. 4. Minnesota Statutes 2010, section 290A.03, subdivision 15, is amended to read:
3.5 Subd. 15. Internal Revenue Code. "Internal Revenue Code" means the Internal
3.6Revenue Code of 1986, as amended through March 18, 2010, and includes the provisions
3.7of the act of December 17, 2010, Public Law 111-312.
3.8EFFECTIVE DATE.This section is effective for property tax refunds based on
3.9property taxes payable on or after December 31, 2010, and rent paid on or after December
3.1031, 2009.
1.3Statutes 2010, sections 289A.02, subdivision 7; 290.01, subdivisions 19, 31;
1.4290A.03, subdivision 15.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 289A.02, subdivision 7, is amended to
1.7read:
1.8 Subd. 7. Internal Revenue Code. Unless specifically defined otherwise, "Internal
1.9Revenue Code" means the Internal Revenue Code of 1986, as amended through March 18,
1.102010, and includes the provisions of the act of December 17, 2010, Public Law 111-312.
1.11EFFECTIVE DATE.This section is effective the day following final enactment.
1.12 Sec. 2. Minnesota Statutes 2010, section 290.01, subdivision 19, is amended to read:
1.13 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.14as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.15date named in this subdivision, incorporating the federal effective dates of changes to the
1.16Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.17Internal Revenue Code in determining federal taxable income for federal income tax
1.18purposes, and with the modifications provided in subdivisions 19a to 19f.
1.19 In the case of a regulated investment company or a fund thereof, as defined in section
1.20851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.21company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.22except that:
2.1 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
2.2Revenue Code does not apply;
2.3 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
2.4Revenue Code must be applied by allowing a deduction for capital gain dividends and
2.5exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
2.6Revenue Code; and
2.7 (3) the deduction for dividends paid must also be applied in the amount of any
2.8undistributed capital gains which the regulated investment company elects to have treated
2.9as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.10 The net income of a real estate investment trust as defined and limited by section
2.11856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.12taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.13 The net income of a designated settlement fund as defined in section 468B(d) of
2.14the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.15Internal Revenue Code.
2.16 The Internal Revenue Code of 1986, as amended through March 18, 2010, shall be
2.17in effect for taxable years beginning after December 31, 1996. The provisions of the
2.18act of January 22, 2010, Public Law 111-126, to accelerate the benefits for charitable
2.19cash contributions for the relief of victims of the Haitian earthquake, are effective at the
2.20same time it became effective for federal purposes and apply to the subtraction under
2.21subdivision 19b, clause (6). The provisions of the act of December 17, 2010, Public Law
2.22111-312, are effective at the same time they became effective for federal purposes.
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. 3. Minnesota Statutes 2010, section 290.01, subdivision 31, is amended to read:
2.28 Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, "Internal
2.29Revenue Code" means the Internal Revenue Code of 1986, as amended through March 18,
2.302010, and includes the provisions of the act of December 17, 2010, Public Law 111-312.
2.31Internal Revenue Code also includes any uncodified provision in federal law that relates to
2.32provisions of the Internal Revenue Code that are incorporated into Minnesota law.
3.1EFFECTIVE DATE.This section is effective the day following final enactment
3.2except that the changes incorporated by federal changes are effective at the same time as
3.3the changes were effective for federal purposes.
3.4 Sec. 4. Minnesota Statutes 2010, section 290A.03, subdivision 15, is amended to read:
3.5 Subd. 15. Internal Revenue Code. "Internal Revenue Code" means the Internal
3.6Revenue Code of 1986, as amended through March 18, 2010, and includes the provisions
3.7of the act of December 17, 2010, Public Law 111-312.
3.8EFFECTIVE DATE.This section is effective for property tax refunds based on
3.9property taxes payable on or after December 31, 2010, and rent paid on or after December
3.1031, 2009.
