MN SF2099

Exempts farmers who are actively engaged in farming from the section 179 expensing addition to taxable income for tax years beginning after December 31, 2011, for both individual and corporate taxpayers.

Defines "actively engaged in farming" according to Code of Federal Regulations, title 7, section 1400.201, and "farming" according to Internal Revenue Code section 464(e)(1).

Applies the exemption to property used in farming by taxpayers meeting the active farming engagement standard, allowing them to claim full federal section 179 deductions without state-level adjustments.

Amends Minnesota Statutes section 290.01, subdivisions 19a and 19c, which govern additions to federal taxable income for individuals and corporations respectively.

Effective the day following final enactment.