Minnesota: Legislation Signed by Governor (H.F. 1298)

Minnesota Governor signed legislation (H.F. 1298) on May 16, 2009, making changes to the corporate franchise tax, individual income tax, estate tax, sales and use tax, property tax and other miscellaneous taxes.

Click on the following to access the bill:

https://www.revisor.leg.state.mn.us/revisor/pages/search_status/status_detail.php?b=House&f=HF1298&ssn=0&y=2009

Some of the highlights of the bill are:

1. GENERAL conformity (with exceptions) to the Federal American Recovery and Reinvestment Act of 2009 (P.L. 111-5).
2. Bonus Depreciation is NOT adopted.
3. Increased Sec. 179 amounts are NOT adopted.
4. Federal deferral of discharge of indebtedness income resulting from reacquisition of business indebtedness in 2009 and 2010 NOT adopted.
5. New property tax exemptions and amendments for several types of properties such as: electric generation facilities, railroad property, nursing homes, and elderly living facilities.
6. Several other modifications made to property tax procedures and requirements.
7. Several amendments to sales tax exemptions, and provisions for miscellaneous items, including a Notification Requirement (by 12/31/2009, sales tax permit holders must be notified electronically of any statutory law change, and any issuance of or change in any administrative rule, revenue notice, or sales tax fact sheet or other guidance provided by the MN DOR).

For complete details or changes, click on the link provided above or contact me at leveragesalt@earthlink.net.