MN SF2436

Updates Minnesota's tax conformity date to the Internal Revenue Code as amended through December 31, 2015 (previously 2014) for income, franchise, and property taxes.

Creates a federal tax conformity account with $20,000,000 transfer effective July 1, 2016 to offset revenue losses from adopting certain federal tax extensions administratively without waiting for legislative action.

Establishes an administrative mechanism allowing the Commissioner of Revenue to conform Minnesota tax law to federal tax extenders enacted after legislative adjournment, with specified priority items including depreciation rules, qualified tuition expenses, and energy-related deductions.

Allows qualifying federal tax preferences to apply to designated taxable years and authorizes the Commissioner to publish lists of conforming items and provide draft legislation to legislative committees.

Prohibits collection action on 2015 tax returns based on differences between the 2014 and 2015 Internal Revenue Code versions and allows amended returns for certain IRA rollovers and wrongful incarceration exclusions through September 1, 2016.