HF 4680 Summary

• Updates Minnesota's Internal Revenue Code conformity date from December 31, 2018 to November 15, 2021, incorporating recent federal tax law changes retroactively at their federal effective dates.

• Repeals bonus depreciation addition and delayed bonus depreciation subtraction provisions for individuals and corporations effective for taxable years beginning after December 31, 2021, with a transition provision allowing taxpayers to complete remaining five-year depreciation schedules.

• Adds temporary nonconformity provisions for taxable years 2017-2021 addressing federal credits and deductions related to paid leave, disaster relief, charitable contributions, student loan payments, and employee retention credits.

• Authorizes the commissioner to extend administrative deadlines under Minnesota Statutes chapter 289A to accommodate retroactive changes in the bill.

• Makes technical conforming changes to provisions governing composite income tax returns for nonresident partners, alternative minimum taxable income calculations, and estate tax definitions.