Individual income and corporate franchise taxes; federal changes to expensing research expenditures conformed.

A bill for an act

relating to taxation; individual income and corporate franchise taxes; conforming

to federal changes to expensing research expenditures; amending Minnesota Statutes

2024, section 290.01, subdivision 31.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 290.01, subdivision 31, is amended to read:

Subd. 31.

Internal Revenue Code.

Unless specifically defined otherwise, "Internal

Revenue Code" means the Internal Revenue Code of 1986, as amended through May 1,

2023
new text begin
, except it also includes section 70302 of Public Law 119-21, relating to full expensing

of domestic research and experimental expenditures
new text end
. Internal Revenue Code also includes

any uncodified provision in federal law that relates to provisions of the Internal Revenue

Code that are incorporated into Minnesota law.

new text begin

EFFECTIVE DATE.

new text end

new text begin

This section is effective the day following final enactment, except

the changes incorporated by federal changes are effective retroactively at the same time the

changes were effective for federal purposes.

new text end