Minnesota HF3817 aligns state tax laws with federal changes to bonus depreciation.
Minnesota HF3817 amends state tax laws to conform with federal changes to bonus depreciation. This includes retroactively applying the changes at the same time they were effective for federal purposes. The bill modifies Minnesota Statutes 2024, section 290.01, subdivision 31, to ensure the "Internal Revenue Code" includes relevant federal provisions. This alignment affects individual income and corporate franchise taxes, ensuring consistency with federal tax law.
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