Loading chat...
MN HF4292
Bill
Status
3/29/2018
Primary Sponsor
Nels Pierson
Click for details
AI Summary
-
Updates Minnesota's Internal Revenue Code reference date for Section 179 expensing from December 16, 2016 to December 23, 2017 across multiple statute sections (289A.02, 290.01, and 290.0131).
-
Eliminates the 80 percent addition requirement for Section 179 expensing deductions for taxable years beginning on or after January 1, 2018, allowing full federal deduction amounts.
-
Changes apply to both individual income tax (Section 290.0131) and corporate franchise tax (Section 290.0133) provisions.
-
Most provisions are effective the day following final enactment, with federal changes incorporated retroactively at the same time as their federal effective dates.
-
Section 179 expensing modifications are effective for taxable years beginning after December 31, 2017.
Legislative Description
Federal conformity to section 179 expensing provided, and state treatment of section 179 expensing modified.
Last Action
Introduction and first reading, referred to Taxes
3/29/2018