Financial institution definition. Entities and individuals who derive 50 percent or more of their income from activities commonly conducted by financial institutions would also be treated as financial institutions unless they provide clear and convincing evidence to the commissioner that they do not substantially compete with financial institutions in the market. Sections 7 and Residence; domicile. Effective the day following final enactment. Section 9. Accelerated recognition of certain installment sale gains. Requires nonresident owners of pass-through entities, and owners who become nonresidents to recognize future year gains following the sale of an interest in a pass through entity when they use the installment sale method of reporting income from the sale.
Allows taxpayers to elect out of early recognition by agreeing to continue filing Minnesota tax returns and recognizing future year installment sale gains in the year that they are recognized federally. Provides that taxpayers who do not elect out of early recognition will not be taxed twice on the gains recognized early if they continue to file Minnesota income tax returns in future years. Section Film production credit. Provides a refundable credit of 25 percent of qualifying expenditures directly related to film production in Minnesota.
Expenditures must be subject to tax in the state. Working family credit. Modifies the Minnesota working family credit eligibility requirements to disallow the credit to full year nonresidents. TANF appropriation for working family credit.
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The WFC rates were increased in At that time, the refundable portion of the increase over the rates in effect in was paid for with federal Temporary Assistance for Needy Families TANF block grant funds. The language providing for TANF funding of the credit was not changed.
This section provides that the TANF funding for the working family credit is the increase in the credit rates enacted in compared to law, and not the increase in the rates as compared to law. Effective for fiscal year transfers only.
Sections 14 and K education credit modification. Extends the education credit for qualifying expenses for K students to preschool students at least four years old when expenses are incurred. Modifies the thresholds for income eligibility for claimants with children. Sections 16 to Modifications to the research and development credit. Extends the credit to sole proprietors. Provides for a base percentage of 16 percent when taxpayer accounting records for the base year are unavailable or inadequate. Establishes an application and certification process for sole proprietors claiming the credit.
Claimants must apply to the Department of Revenue for certification that the expenses for which the credit is claimed are qualified research and development expenses. The commissioner must issue a credit certificate if the application is approved, and the credit is not allowed if the certification has not been issued. Minnesota college savings plan credit. Requires that the credit be apportioned for part-year residents and nonresidents based on the applicable percentage of Minnesota income. In the case of contributions to more than one account, the commissioner of revenue must apportion the credit based on the percentage of total contributions to all accounts.
Imposes a penalty for nonqualified distributions of ten percent of the amount of the nonqualified distribution, or the total amount of credits received over all years, whichever is less. Sections 22, 31, and Veterans jobs tax credit and grant. Provides a nonrefundable tax credit for employers that hire qualifying unemployed veterans. A veteran must have received unemployment compensation at any time within one year prior to, and must have been unemployed on, the date of hire.
The veteran must be a Minnesota resident on the date of hire and be paid wages that are attributable to Minnesota. Section 31 requires the Department of Revenue to establish a grant program to local governments and nonprofit organizations that hire qualified veteran employees.
The veteran must not have been a board member of the nonprofit organization or an elected or appointed official of the local government. The veteran must be a Minnesota resident on the date of hire and be paid wages that are attributable to Minnesota, and must be employed at least 6 of the 12 months immediately following the date of hire. Establishes application requirements to receive a grant. Section 31 appropriates amounts from the general fund to make the grants. Credit for employer-provided fitness facility expenses. The employee must use the facility an average of four times per month, but if the facility is used fewer than three times per month, the credit is not allowed.
Unitary business principle; insurance companies. Under current law, insurance companies generally are excluded from the unitary groups of businesses who pay corporate franchise tax. Determination of sales factor.
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Excludes the sale of derivatives, such as options and swaps, from the sales apportionment factor, effective beginning in tax year Also allows nonresidents serving on corporate boards to apportion compensation based on time spent in Minnesota, divided by time spent elsewhere providing services to that board. Effective the day following final enactment and applies retroactively to open taxable years and returns.
Dividends received deduction. Adds a reference to Internal Revenue Code section A, which disallows a dividend received deduction for dividends paid from stock that is debt-financed. Estate tax effects of eminent domain acquisitions. Provides that taxable estates electing to exclude qualified farm property will not become liable for the 16 percent recapture tax solely because the property was acquired by an entity with the power of eminent domain within the three year holding period.
Effective retroactively for estates of decedents dying after June 30, Sections 30 and Report of free e-filing for individual returns. Requires the Department of Revenue to provide a written report to the Senate and House Tax Committees on options for a free electronic filing system for individual income tax returns.
The report must be submitted by March 16, , and must include responses from a Department request for information from consumer-based tax filing software vendors. The report must address issues regarding free electronic filing while maintaining the annual income tax sample and how other states with income tax samples manage federal data on federal income tax returns. The request for information may include information sought from vendors on the following aspects of a free e-filing solution:.
Sections 1, 13, and County levy authority. Requires that a county levy for the soil and water conservation district SWCD operations must be certified as a special levy and adds the certification of county levies for soil and water conservation districts as a special taxing district. Effective for certifications made in and thereafter. Referendum market value. Section 3.
County historical society; tax levy. Allows the governing bodies of any city or town to appropriate funds from its general fund to be paid to the historical society of its respective city or town; current law provides that the funds must be paid to the historical society of its respective county only. Section 4. Class 2 properties.
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Under current law, property enrolled in the program is only classified as agricultural if the property was classified as such in , or in the year prior to enrollment. Effective beginning with assessment year Section 5. Class 3; classification rates. Increases the classification rates for Class 3 commercial-industrial properties to 1. Effective for taxes payable in and thereafter. Sections 6, 7, 9, 12, Targeted agricultural land tax credit. Establishes a new targeted agricultural land property tax credit. The credit must appear on the TNT and property tax statement, and other cross-references are updated.
Effective for property taxes payable in and thereafter. State general levy; amount.
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The inflation index is retained. Seasonal residential recreational tax capacity. Proposed levy. Changes the date by which all special taxing districts, with the exception of the Metropolitan Council and the Metropolitan Mosquito Control District, must certify their proposed levies, from September 15 th to September 30 th each year. The statutes specifically outlining the proposed levy certification dates for the Metropolitan Council and Mosquito Control District are referenced.
Effective beginning with proposed levy certifications for taxes payable in Sections 16 and Iron Range fiscal disparities. Effective beginning with taxes payable in Due dates; penalties.
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Provides that no penalty for late payment of property tax shall accrue if the property tax payment is delivered by mail to the county treasurer and the envelope containing the payment is postmarked within two business days of the actual due date. Sections 19, 20, Installment payments; interest rate.
Eliminates a restriction on interest rates under contracts to repurchase tax-forfeited property and sets the interest rate on the sale of tax-forfeited land and repurchase agreements at the same interest rate used for installment payments under confessions of judgments — the greater of five percent or two percent above the prime rate.