Bill > SF25

This bill proposes several changes to Minnesota's tax laws, including: 1. Updating the reference to the Internal Revenue Code from December 31, 2018 to December 15, 2022, effectively conforming Minnesota's tax laws to recent federal tax changes. 2. Modifying the composite return and pass-through entity tax provisions to update the additions and subtractions for determining taxable income. 3. Adding new definitions and provisions related to delayed business interest deductions, net operating loss deductions, and excess business losses. 4. Adjusting various deductions and credits, such as the alternative minimum tax, dependent care credit, and working family credit, to align with recent federal changes. 5. Providing temporary additions and subtractions for individuals, estates, trusts, and corporations related to COVID-19 tax relief provisions enacted at the federal level. The bill aims to ensure Minnesota's tax laws remain aligned with the latest updates to the Internal Revenue Code and federal tax policies.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0025&ssn=0&y=2023