MN SF3849

Updates Minnesota's Internal Revenue Code definition for section 179 expensing purposes to conform to federal law as amended through December 23, 2017, rather than December 16, 2016.

Modifies section 179 expensing add-back provisions in individual income tax and corporate franchise tax to apply only to taxable years beginning before January 1, 2018.

Eliminates the reference to section 179 of the Internal Revenue Code "as amended through December 31, 2003" in the add-back calculation, allowing full conformity to current federal section 179 deduction limits.

Most provisions are effective the day following final enactment, with section 179 expensing changes effective for taxable years beginning after December 31, 2017.

Applies retroactively to federal changes made in 2017, conforming Minnesota tax law to match federal depreciation and expensing rules.