HF6 Bill Summary

• Updates Minnesota's Internal Revenue Code references from March 26, 2014 to December 31, 2014 to conform state tax law to federal income tax changes across multiple statutes governing income, property tax, and estate taxes.

• Clarifies that individuals may file amended income tax returns and claim refunds for certain airline payment rollovers to traditional IRAs authorized under federal law (Public Law 112-95, section 1106) by June 1, 2015.

• Modifies state aid payment calculations for the Destination Medical Center development district in Rochester by changing the qualified expenditures calculation to measure certified expenditures for the preceding year (rather than cumulative total minus $200 million) in subsequent years.

• Clarifies that public infrastructure projects within the destination medical center development district commenced before the development plan is adopted may be credited toward local matching contribution requirements or reimbursed from state aid if approved by the corporation.

• Establishes that general state infrastructure aid is limited to $30 million annually with carryover provisions, and transit aid is limited to $7.5 million annually, both designed to finance $455 million and $116 million in respective public infrastructure projects.