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Tax Law Changes FAQs
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For Businesses
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Here are answers to questions businesses may have regarding tax law changes from previous years.
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No, you may not claim a different bonus depreciation or Section 179 expensing treatment on you Minnesota return from the treatment elected on your federal return. If you amend your federal return to change this treatment, you must amend your Minnesota return within 180 days to reflect your federal changes. (Added 2/5/2021)
No. If you choose not to amend your Minnesota return solely to reduce your addback, you may continue claiming related one-fifth subtractions on your subsequent returns. If you amend your Minnesota return for a reason other than to reduce the Section 179 addition, you must make all adjustments to comply with Minnesota law, including reducing your 179 addback for qualifying depreciable property and the related subsequent subtractions. If we audit a return with qualifying depreciable property, we may adjust the addback and related subsequent subtractions. (Added 2/5/2021)
For Minnesota purposes, repaid loan amounts will be treated the same way as they are on the federal return. (Added 10/19/2020)
Remove qualified depreciable property from the total invested property when calculating the Minnesota modification. (Added 2/5/2021)
No. Minnesota tax law allows the same treatment of loan forgiveness amounts and related business expenses as federal tax law. (Added 12/1/2021)
Yes. The share of excluded PPP loan forgiveness should be included in household income. (Added 1/14/2022)
