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

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01/13/21 REVISOR EAP/HR 21-01750 as introduced 5.1 (f) The Internal Revenue Code of 1986, as amended through December 31, 2018, shall 5.2 be in effect for taxable years beginning after December 31, 1996, except that for the purposes 5.3 of exclusion from gross income of paycheck protection loan forgiveness and allowable 5.4 deductions of covered expenses paid for with covered loans under section 1106 of Public 5.5 Law 116-136, as clarified by Title II, subtitle B, section 276(a)(i) of Public Law 116-260, 5.6 "Internal Revenue Code" means the Internal Revenue Code as amended through March 27, 5.7 2020. 5.8 (g) Except as otherwise provided, references to the Internal Revenue Code in this 5.9 subdivision and sections 290.0131 to 290.0136 mean the code in effect for purposes of 5.10 determining net income for the applicable year. 5.11 EFFECTIVE DATE. This section is effective the day following final enactment, except 5.12 that changes incorporated by federal changes are effective retroactively at the same time 5.13 the changes were effective for federal purposes. 5.14 Sec. 6. Minnesota Statutes 2020, section 290.01, subdivision 31, is amended to read: 5.15 Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, "Internal 5.16 Revenue Code" means the Internal Revenue Code of 1986, as amended through December 5.17 31, 2018. Internal Revenue Code also includes any uncodified provision in federal law that 5.18 relates to provisions of the Internal Revenue Code that are incorporated into Minnesota law, 5.19 except that for the purposes of exclusion from gross income of paycheck protection loan 5.20 forgiveness and allowable deductions of covered expenses paid for with covered loans under 5.21 section 1106 of Public Law 116-136, as clarified by Title II, subtitle B, section 276(a)(i) of 5.22 Public Law 116-260, "Internal Revenue Code" means the Internal Revenue Code as amended 5.23 through March 27, 2020. 5.24 EFFECTIVE DATE. This section is effective the day following final enactment, except 5.25 that changes incorporated by federal changes are effective retroactively at the same time 5.26 the changes were effective for federal purposes. 5.27 Sec. 7. Minnesota Statutes 2020, section 290.0132, is amended by adding a subdivision 5.28 to read: 5.29 Subd. 30. Income of partners, members, or shareholders. The amount of income 5.30 determined after allowable deductions and the additions and subtractions required under 5.31 this chapter that is received from a qualifying entity, as defined under section 289A.08, 5.32 subdivision 7a, for purposes of calculating adjusted gross income by a partner, member, or 5.33 shareholder of a qualifying entity that has elected to file as a C-option corporation under Sec. 7. 5