MN HF2947

Amends Minnesota Statutes sections 290.0131 and 290.0133 to make Section 179 expensing provisions retroactively effective for taxable years beginning after December 31, 2017, requiring 80 percent of excess deductions under current IRC section 179 versus the 2003 version to be added back to income.

Creates special exception waiving interest and penalty provisions for late tax payments on capital gains previously deferred under Internal Revenue Code section 1031 for taxable years 2018-2019.

Exception applies only to taxpayers subject to retroactive application of federal Public Law 115-97 and whose total income tax increased by at least 12 percent due to the retroactive federal law change.

Requires the tax commissioner to refund applicable interest and penalties paid by eligible taxpayers within 60 days of the section's effective date.

All provisions are effective retroactively, with the Section 179 amendments effective for years after December 31, 2017, and the penalty exception effective for assessments ordered after June 1, 2019.