Minnesota taxpayers may benefit on their state return from action taken by the House to conform the state to recent federal tax code changes.
The recently enacted federal Patient Protection and Affordable Care Act allows the cost of health insurance coverage of dependents and adult children to age 26 to be excluded from federal taxable income. The bill moves the exclusion to state taxable income as well.
Employers who have prepared and distributed 2010 W-2 statements that reported the amount of health coverage provided to adult children under age 27 are not required to prepare and distribute corrected tax year 2010 form W-2.
This bill also repeals a provision enacted in the 2010 special session that directed the commissioner of revenue to delay paying corporate franchise tax and sales tax refunds until fiscal year 2012. The positive General Fund balance now projected for fiscal year 2011 makes the delay of refunds unnecessary.
- Lee Ann Schutz
Audio & Video: Watch the floor session
Latest Session Daily stories
Incoming House leadership announces 2015-16 committee membership (12/18/2014 4:05:00 PM) Human rights claim possible, Housing committee learns (12/5/2014 4:08:00 PM) Forecast message: ‘We’re leaving you in pretty good shape’ (12/5/2014 12:36:00 PM) Billion dollar surplus anticipated for new biennium (12/4/2014 10:07:00 AM) House committee schedule released for 2015-16 biennium (11/26/2014 12:57:00 PM) New House committee structure unveiled (11/18/2014 11:19:00 AM) Daudt is Republican choice for speaker; Peppin majority leader (11/7/2014 3:08:00 PM) Thissen to continue leading DFL in minority (11/6/2014 9:24:00 PM) Voters return Republicans to power in House (11/5/2014 9:02:00 AM) Mathiowetz to retire as House chief clerk (11/3/2014 3:28:00 PM) Joint committee seeks answer to rail congestion (9/30/2014 5:11:00 PM)