MN HF79

Conforms Minnesota tax law to federal Internal Revenue Code changes as of March 18, 2010 for most taxable years, with special provisions for tax years 2010 using the IRC as amended through December 31, 2010.

Modifies definitions of "net income" for individuals, estates, and trusts by incorporating federal taxable income and allowing specific elections made under federal tax law.

Updates corporate tax provisions to add back certain federal deductions including interest expenses, intangible expenses paid to foreign operating corporations, and depreciation related to section 168(k) property.

Exempts employers from issuing corrected W-2 forms for 2010 relating to health coverage provided to adult children under age 27.

Repeals Laws 2010, First Special Session chapter 1, article 13, section 6 (which imposed a requirement to delay corporate refunds).