S.F. No. 3711 Summary

• Federal tax changes reporting: Expands the definition of changes requiring state tax reporting to include IRS closing agreements and compromises under Internal Revenue Code sections 7121 and 7122, with a 180-day reporting deadline.

• Social Security benefits subtraction: Modifies maximum subtraction amounts for married joint filers ($4,500), single/head-of-household filers ($3,500), and married separate filers ($2,250), with annual inflation adjustments based on August-to-August CPI changes starting in 2018.

• Nonresident installment sale gains: Requires nonresident individuals who become nonresidents after installment sales to recognize full gains on their final resident return, with an election option to defer unrecognized gains under specified conditions.

• Property tax reporting modernization: Replaces outdated "abstract of tax lists" requirement with flexible "assessment information" reporting to the commissioner under section 270C.85, subdivision 2, clause (4), and repeals section 275.29.

• Terminology updates and technical clarifications: Makes numerous conforming changes throughout tax code including replacing "disabled person" language with "person with a disability" and clarifying definitions for vapor products, qualified data centers, and disabled veteran property tax exclusions.