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Minnesota: New Charts Reflect Updated State Conformity to and Decoupling from Internal Revenue Code
Conformity by Federal Act; Conformity by Form and Line, Minn. Dept. of Rev. (2/1/23). The Minnesota Department of Revenue posted two charts reflecting newly enacted legislation that generally updates Minnesota’s definition of the Internal Revenue Code (IRC) to the IRC of 1986, as amended through December 15, 2022 (previously, December 31, 2018) for state corporate income/franchise tax and individual income tax purposes [see H.F. 31 (2023), and recently issued Multistate Tax Alert for more details on this new law]. One chart lists Minnesota’s conformity to and required modifications for certain provisions under federal law such as the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (i.e., P.L. 116-136), American Rescue Plan Act (i.e., P.L. 117-2), Infrastructure Investment and Jobs Act (i.e., P.L. 117-58), and Inflation Reduction Act of 2022 (i.e., P.L. 117-169). Another chart briefly summarizes how the newly signed legislation affects specific Minnesota tax forms and schedules, including the line numbers of the forms that have been changed along with the affected tax years. Please contact us with any questions.
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