Agenda - Council - 02/08/2021 - Laserfiche WebLink

Home

01/13/21 REVISOR EAP/HR 21-01750 17.1 Sec. 15. Minnesota Statutes 2020, section 290A.03, subdivision 15, is amended to read: 17.2 Subd. 15. Internal Revenue Code. "Internal Revenue Code" means the Internal Revenue 17.3 Code of 1986, as amended through December 31, 2018, except that for the purposes of 17.4 exclusion from gross income of paycheck protection loan forgiveness and allowable 17.5 deductions of covered expenses paid for with covered loans under section 1106 of Public 17.6 Law 116-136, as clarified by Title 11, subtitle B, section 276(a)(i) of Public Law 116-260, 17.7 "Internal Revenue Code" means the Internal Revenue Code as amended through March 27, 17.8 2020. 17.9 EFFECTIVE DATE. This section is effective the day following final enactment, except 17.10 that changes incorporated by federal changes are effective retroactively at the same time 17.11 the changes were effective for federal purposes. 17.12 Sec. 16. Minnesota Statutes 2020, section 291.005, subdivision 1, is amended to read: 17.13 Subdivision 1. Scope. Unless the context otherwise clearly requires, the following terms 17.14 used in this chapter shall have the following meanings: 17.15 (1) "Commissioner" means the commissioner of revenue or any person to whom the 17.16 commissioner has delegated functions under this chapter. 17.17 (2) "Federal gross estate" means the gross estate of a decedent as required to be valued 17.18 and otherwise determined for federal estate tax purposes under the Internal Revenue Code, 17.19 increased by the value of any property in which the decedent had a qualifying income interest 17.20 for life and for which an election was made under section 291.03, subdivision ld, for 17.21 Minnesota estate tax purposes, but was not made for federal estate tax purposes. 17.22 (3) "Internal Revenue Code" means the United States Internal Revenue Code of 1986, 17.23 as amended through December 31, 2018, except that for the purposes of exclusion from 17.24 gross income of paycheck protection loan forgiveness and allowable deductions of covered 17.25 expenses paid for with covered loans under section 1106 of Public Law 116-136, as clarified 17.26 by Title II, subtitle B, section 276(a)(i) of Public Law 116-260, "Internal Revenue Code" 17.27 means the Internal Revenue Code as amended through March 27, 2020. 17.28 (4) "Minnesota gross estate" means the federal gross estate of a decedent after (a) 17.29 excluding therefrom any property included in the estate which has its situs outside Minnesota, 17.30 and (b) including any property omitted from the federal gross estate which is includable in 17.31 the estate, has its situs in Minnesota, and was not disclosed to federal taxing authorities. 17.32 (5) "Nonresident decedent" means an individual whose domicile at the time of death 17.33 was not in Minnesota. Sec. 16. 17