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Last Updated: 7/14/2017

What's new for Partnership Tax for 2017?

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Due date

Effective May 31, 2017, the due date of Form M3, Minnesota Partnership Return, is the same as the federal return due date. The federal due date has changed from April 15 to March 15 for calendar year partnerships. 

Accelerated recognition of certain installment sale gains

Nonresidents and individuals who become nonresidents during the tax year must accelerate the gain on installment sale or elect to defer and pay when recognized federally.
 

Financial institutions

The definition of a financial institution is clarified and expanded to include entities other than corporations.

Credit for Increasing Research Expenditures

The second-tier credit, for qualified research expenses over $2,000,000, is raised from 2.5 percent to 4 percent.
 

Paper return filing fee

The fee of $5 per paper return assessed on preparers who expect to file more than 10 returns in a year is expanded to business returns including Forms M2, M3, M4 and M8.
 

Greater Minnesota Internship Credit

This credit is repealed for tax years beginning after 2017.
 
For more information see the Department of Revenue's Legislative Bulletin and the Session Law passed by the Legislature and signed by Governor Dayton. 

 

Minimum fee indexed for inflation

The Minimum fee brackets and amounts are indexed for inflation each year. The brackets and amounts for 2017 are:
 
​​If your total Minnesota property, payroll and sales is: ​Your minimum fee is:
​Less than $970,000 ​$0
​$970,000 to $1,959,999 ​$200
​$1,960,000 to $9,769,999 ​$590
​​$9,770,000 to $19,539,999 ​$1,960
​$19,540,000 to $39,079,999 ​$3,910
​​$39,080,000 or more ​$9,770


Interest rate adjusted

The rate of interest charged on taxes due and paid on refunds is 4 percent for 2017. See interest rates for more information.