MN SF4348

Amends Minnesota Statutes sections 290.0131 and 290.0133 to limit Section 179 expensing deductions to 80 percent of amounts exceeding the December 31, 2003 Internal Revenue Code limits for taxable years beginning before January 1, 2018, effective retroactively for taxable years after December 31, 2017.

Waives interest and penalty provisions under Minnesota Statutes sections 289A.55 and 289A.60 for late tax payments on capital gains previously deferred under Section 1031 of the Internal Revenue Code for taxable years 2018-2019.

Limits penalty and interest waivers to taxpayers subject to retroactive application of Section 13303 of Public Law 115-97 whose total income tax increased by at least 12 percent due to this retroactive application.

Requires the commissioner to refund applicable interest and penalties to eligible taxpayers within 60 days of the section's effective date, with effectiveness retroactive to assessments ordered after June 1, 2019.