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01/13/21 REVISOR EAP/HR 21-01750 as introduced <br />SENATE <br />STATE OF MINNESOTA <br />NINETY-SECOND SESSION <br />(SENATE AUTHORS: BAKK, Nelson, Rest, Chamberlain and Tomassoni) <br />DATE D-PG OFFICIAL STATUS <br />01/21/2021 137 Introduction and first reading <br />Referred to Taxes <br />1.1 A bill for an act <br />S.F. No. 263 <br />1.2 relating to taxation; individual income and corporate franchise; providing for <br />1.3 federal conformity to exclusion of paycheck protection loan forgiveness from gross <br />1.4 income and certain related deductions; providing certain business entities the option <br />1.5 to file as C-option corporations; amending Minnesota Statutes 2020, sections <br />1.6 289A.02, subdivision 7; 289A.08, by adding a subdivision; 289A.38, by adding a <br />1.7 subdivision; 290.01, subdivisions 19, 31, by adding a subdivision; 290.0132, by <br />1.8 adding a subdivision; 290.06, subdivisions 2c, 22; 290.091, subdivision 2; 290.0921, <br />1.9 subdivision 2; 290.92, subdivisions 4b, 4c; 290A.03, subdivision 15; 291.005, <br />1.1 o subdivision 1; proposing coding for new law in Minnesota Statutes, chapter 290. <br />1.11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: <br />1.12 Section 1. Minnesota Statutes 2020, section 289A.02, subdivision 7, is amended to read: <br />1.13 Subd. 7. Internal Revenue Code. Unless specifically defined otherwise, "Internal <br />1.14 Revenue Code" means the Internal Revenue Code of 1986, as amended through December <br />1.15 31, 2018, except that for the purposes of exclusion from gross income of paycheck protection <br />1.16 loan forgiveness and allowable deductions of covered expenses paid for with covered loans <br />1.17 under section 1106 of Public Law 116-136, as clarified by Title II, subtitle B, section <br />1.18 276(a)(i) of Public Law 116-260, "Internal Revenue Code" means the Internal Revenue <br />1.19 Code as amended through March 27, 2020. <br />1.20 EFFECTIVE DATE. This section is effective the day following final enactment, except <br />1.21 that changes incorporated by federal changes are effective retroactively at the same time <br />1.22 the changes were effective for federal purposes. <br />Section 1. 1 <br />