MN SF2388

Updates Minnesota's Internal Revenue Code reference date from April 14, 2011 to December 20, 2013, conforming state tax law to federal tax law changes effective retroactively for taxable years beginning after December 31, 2012.

Extends the working family credit phase-out threshold for married taxpayers filing joint returns by $5,000 (adjusted annually for inflation) for tax years beginning after December 31, 2010 through December 31, 2017.

Removes expired provisions related to federal subsidies for prescription drug plans, qualified tuition deductions, teacher expense deductions, and property tax/motor vehicle sales tax standard deduction additions that were applicable only for specific prior tax years.

Modifies composite income tax return calculations for nonresident partners, shareholders, and beneficiaries by changing the reference to Internal Revenue Code clauses (6) to (9) instead of (6) to (10).

Makes conforming amendments to alternative minimum tax calculations, earned income definitions, and property tax credit provisions to align with the updated federal tax code reference date.