MN HF4436

Incorporates federal tax provisions from the Tax Cuts and Jobs Act (Public Law 115-97) into Minnesota's Internal Revenue Code, effective through December 16, 2016, with amendments by title I, subtitle D, parts I and II.

Requires corporations, resident individuals, and resident estates and trusts making valid elections under Internal Revenue Code section 965(h) to include the ratable amount of deferred foreign income in Minnesota net income for each taxable year when federal tax payments are made.

Allows nonresident individuals to claim a subtraction for deferred foreign income recognized under IRC section 965, effective retroactively for taxable years beginning after December 31, 2016 and before January 1, 2019.

Requires additions to net income for special deductions under IRC sections 241-247 and 965, reduced by IRC section 245A deductions representing amounts previously included under IRC section 965.

Treats income of domestic corporations included under IRC sections 951, 951A, or 965 as dividend income for purposes of Minnesota taxation, effective retroactively for each taxpayer's last taxable year beginning before January 1, 2018.