SAINT PAUL, MN – On July 1, 2021, new changes to Minnesota tax law were signed into law. Changes included conformity to certain provisions of the Taxpayer Certainty and Disaster Tax Relief Act of 2018 (TCDTR), and may impact those who filed a tax return in 2017. Provisions that may impact filers include:
- Exclusion from gross income of discharge of qualified principal residence indebtedness (TCDTR Sec. 101)
- Accelerated depreciation for business property on Indian reservations (TCDTR Sec. 116)
- Expensing rules for certain productions (TCDTR Sec. 117)
- Special allowance for second generation biofuel plant property (TCDTR Sec. 130)
- Energy efficient commercial buildings deduction (TCDTR Sec. 131)
- Special rule for sales or dispositions to implement Federal Energy Regulatory Commission (FERC) or state electronic restructuring policy for qualified electric utilities (TCDTR Sec. 132)
- Qualified disaster tax relief – Definitions, special disaster-related rules for use of retirement funds, and other disaster-related tax relief provisions (TCDTR Secs. 201, 202, and 204)
“I urge all Minnesotans to review the recent changes to Minnesota tax law to see if their 2017 state tax return is eligible to claim a tax treatment,” said Rep. Kristin Robbins, R-Maple Grove. “Those who are eligible for a claim must file for a refund within three and a half years of their tax return’s due date. I am happy to assist anyone with this process through my office.”
To amend returns, filers will need to use one or more of these forms:
- Form M1X, Amended Minnesota Income Tax
- Form M2X, Amended Income Tax Return for Estates and Trusts (provide amended Schedules KF to your beneficiaries, if applicable)
- Form M3X, Amended Partnership Return/Claim for Refund (provide amended Schedules KPI and KPC to your partners, if applicable)
- Form M4X, Amended Franchise Tax Return/Claim for Refund
- Form M8X, Amended S Corporation Return (provide amended Schedules KS to your shareholders, if applicable)
For questions about individual income tax, call 651-296-3781, or email individual.incometax@state.mn.us.
For questions about business taxes, call 651-556-3075, or email businessincome.tax@state.mn.us.