Bill Text: MN SF47 | 2011-2012 | 87th Legislature | Engrossed
Bill Title: Dependent health care coverage exclusion of dependent adult children through age 26 for taxable year 2010 federal extension conformance; W-2 form correction requirement option
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2011-03-03 - Laid on table vote: 35-29 [SF47 Detail]
Download: Minnesota-2011-SF47-Engrossed.html
1.2relating to taxes; individual income; conforming to the federal extension of the
1.3exclusion of dependent health care coverage to adult children through age 26 for
1.4tax year 2010;amending Minnesota Statutes 2010, section 290.01, subdivision
1.519.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2010, section 290.01, subdivision 19, is amended to read:
1.8 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.9as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.10date named in this subdivision, incorporating the federal effective dates of changes to the
1.11Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.12Internal Revenue Code in determining federal taxable income for federal income tax
1.13purposes, and with the modifications provided in subdivisions 19a to 19f.
1.14 In the case of a regulated investment company or a fund thereof, as defined in section
1.15851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.16company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.17except that:
1.18 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.19Revenue Code does not apply;
1.20 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.21Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.22exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.23Revenue 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 March 18, 2010, 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 it became effective for federal purposes and apply to the subtraction under
2.15subdivision 19b, clause (6). For taxable years beginning after December 31, 2009, and
2.16before January 1, 2011, the provisions of Title I, Subtitle A, Section 1004, paragraph
2.17(d), of the act of March 30, 2010, Public Law 111-152, income definitions related to the
2.18extension of dependent coverage, are effective at the same time they became effective
2.19for federal purposes.
2.20 Except as otherwise provided, references to the Internal Revenue Code in
2.21subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.22the applicable year.
2.23EFFECTIVE DATE.This section is effective the day following final enactment.
2.24 Sec. 2. CORRECTED FORM W-2 NOT REQUIRED.
2.25Employers who have prepared and distributed form W-2, wage and tax statement
2.26for tax year 2010, that reported to employees the amount of health coverage provided to
2.27adult children under age 27 includible in net income under prior law, are not required to
2.28prepare and distribute a corrected tax year 2010 form W-2.
2.29EFFECTIVE DATE.This section is effective the day following final enactment.
1.3exclusion of dependent health care coverage to adult children through age 26 for
1.4tax year 2010;amending Minnesota Statutes 2010, section 290.01, subdivision
1.519.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2010, section 290.01, subdivision 19, is amended to read:
1.8 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.9as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.10date named in this subdivision, incorporating the federal effective dates of changes to the
1.11Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.12Internal Revenue Code in determining federal taxable income for federal income tax
1.13purposes, and with the modifications provided in subdivisions 19a to 19f.
1.14 In the case of a regulated investment company or a fund thereof, as defined in section
1.15851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.16company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.17except that:
1.18 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.19Revenue Code does not apply;
1.20 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.21Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.22exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.23Revenue 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 March 18, 2010, 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 it became effective for federal purposes and apply to the subtraction under
2.15subdivision 19b, clause (6). For taxable years beginning after December 31, 2009, and
2.16before January 1, 2011, the provisions of Title I, Subtitle A, Section 1004, paragraph
2.17(d), of the act of March 30, 2010, Public Law 111-152, income definitions related to the
2.18extension of dependent coverage, are effective at the same time they became effective
2.19for federal purposes.
2.20 Except as otherwise provided, references to the Internal Revenue Code in
2.21subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.22the applicable year.
2.23EFFECTIVE DATE.This section is effective the day following final enactment.
2.24 Sec. 2. CORRECTED FORM W-2 NOT REQUIRED.
2.25Employers who have prepared and distributed form W-2, wage and tax statement
2.26for tax year 2010, that reported to employees the amount of health coverage provided to
2.27adult children under age 27 includible in net income under prior law, are not required to
2.28prepare and distribute a corrected tax year 2010 form W-2.
2.29EFFECTIVE DATE.This section is effective the day following final enactment.
