MN SF4249

Updates Minnesota's Internal Revenue Code references from December 31, 2018 to December 31, 2019 across income, corporate franchise, and estate tax statutes.

Allows individual income taxpayers for taxable years 2018 to calculate Minnesota tax using either the 2018 or 2019 version of the Internal Revenue Code without additional tax due or refund owed.

Prohibits the Department of Revenue from adjusting individual income tax returns for tax years 2018-2019 if taxpayers used the 2018 version of the Internal Revenue Code instead of the 2019 version.

Applies conforming changes to definitions of net income for trusts, estates, corporations, regulated investment companies, and real estate investment trusts to reference the updated Internal Revenue Code.

Most changes are effective the day following enactment with retroactive application matching federal effective dates; some provisions apply to specific tax years or property tax refunds effective after December 31, 2020.