MN SF4233

Amends Minnesota Statutes sections 290.0131 and 290.0133 to limit Section 179 expensing deductions to 80 percent of amounts exceeding the deduction allowable under Internal Revenue Code Section 179 as amended through December 31, 2003, for taxable years beginning before January 1, 2018.

Makes the Section 179 expensing provisions effective retroactively for taxable years beginning after December 31, 2017.

Exempts late tax payments from interest and penalty provisions for taxpayers assessed additional income tax on capital gains previously deferred under Internal Revenue Code Section 1031 for tax years 2018-2019.

Limits the interest and penalty exception to taxpayers subject to retroactive application of federal Public Law 115-97 whose total income tax due increased by at least 12 percent from that retroactive application.

Requires the commissioner to refund interest and penalties paid under this exception within 60 days of the section's effective date, retroactive to assessments ordered after June 1, 2019.