Bill Text: MN HF2024 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Qualified tuition and related expenses for tax year 2013 deductions conformed to federal extension.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Introduced - Dead) 2014-02-27 - Authors added Allen and Selcer [HF2024 Detail]
Download: Minnesota-2013-HF2024-Introduced.html
1.2relating to taxation; individual income; conforming to the federal extension
1.3of the deduction for qualified tuition and related expenses for tax year 2013;
1.4amending Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19,
1.7is amended to read:
1.8 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.9as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.10date named in this subdivision, incorporating the federal effective dates of changes to the
1.11Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.12Internal Revenue Code in determining federal taxable income for federal income tax
1.13purposes, and with the modifications provided in subdivisions 19a to 19f.
1.14 In the case of a regulated investment company or a fund thereof, as defined in section
1.15851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.16company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.17except that:
1.18 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.19Revenue Code does not apply;
1.20 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.21Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.22exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.23Revenue Code; and
2.1 (3) the deduction for dividends paid must also be applied in the amount of any
2.2undistributed capital gains which the regulated investment company elects to have treated
2.3as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.4 The net income of a real estate investment trust as defined and limited by section
2.5856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.6taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.7 The net income of a designated settlement fund as defined in section 468B(d) of
2.8the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.9Internal Revenue Code.
2.10 The Internal Revenue Code of 1986, as amended through April 14, 2011, shall be in
2.11effect for taxable years beginning after December 31, 1996, and before January 1, 2012,
2.12and for taxable years beginning after December 31, 2012. The Internal Revenue Code of
2.131986, as amended through January 3, 2013, is in effect for taxable years beginning after
2.14December 31, 2011, and before January 1, 2013.
2.15The provisions of sections 315 and 331 of the American Taxpayer Relief Act of
2.162012, Public Law 112-240, extension of increased expensing limitations and treatment
2.17of certain real property as section 179 property and extension and modification of bonus
2.18depreciation, are effective at the same time they become effective for federal purposes.
2.19For taxable years beginning after December 31, 2012, and before January 1, 2014,
2.20the provisions of Public Law 112-240, section 207, extension of above-the-line deduction
2.21for qualified tuition and related expenses, are effective at the same time they became
2.22effective for federal purposes.
2.23 Except as otherwise provided, references to the Internal Revenue Code in
2.24subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.25the applicable year.
2.26EFFECTIVE DATE.This section is effective retroactively for taxable years
2.27beginning after December 31, 2012.
1.3of the deduction for qualified tuition and related expenses for tax year 2013;
1.4amending Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2013 Supplement, section 290.01, subdivision 19,
1.7is amended to read:
1.8 Subd. 19. Net income. The term "net income" means the federal taxable income,
1.9as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.10date named in this subdivision, incorporating the federal effective dates of changes to the
1.11Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.12Internal Revenue Code in determining federal taxable income for federal income tax
1.13purposes, and with the modifications provided in subdivisions 19a to 19f.
1.14 In the case of a regulated investment company or a fund thereof, as defined in section
1.15851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.16company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.17except that:
1.18 (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.19Revenue Code does not apply;
1.20 (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.21Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.22exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.23Revenue Code; and
2.1 (3) the deduction for dividends paid must also be applied in the amount of any
2.2undistributed capital gains which the regulated investment company elects to have treated
2.3as provided in section 852(b)(3)(D) of the Internal Revenue Code.
2.4 The net income of a real estate investment trust as defined and limited by section
2.5856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
2.6taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.7 The net income of a designated settlement fund as defined in section 468B(d) of
2.8the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.9Internal Revenue Code.
2.10 The Internal Revenue Code of 1986, as amended through April 14, 2011, shall be in
2.11effect for taxable years beginning after December 31, 1996, and before January 1, 2012,
2.12and for taxable years beginning after December 31, 2012. The Internal Revenue Code of
2.131986, as amended through January 3, 2013, is in effect for taxable years beginning after
2.14December 31, 2011, and before January 1, 2013.
2.15The provisions of sections 315 and 331 of the American Taxpayer Relief Act of
2.162012, Public Law 112-240, extension of increased expensing limitations and treatment
2.17of certain real property as section 179 property and extension and modification of bonus
2.18depreciation, are effective at the same time they become effective for federal purposes.
2.19For taxable years beginning after December 31, 2012, and before January 1, 2014,
2.20the provisions of Public Law 112-240, section 207, extension of above-the-line deduction
2.21for qualified tuition and related expenses, are effective at the same time they became
2.22effective for federal purposes.
2.23 Except as otherwise provided, references to the Internal Revenue Code in
2.24subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.25the applicable year.
2.26EFFECTIVE DATE.This section is effective retroactively for taxable years
2.27beginning after December 31, 2012.
