The Legislature adjusted state income tax law at the end of the special session to compensate for federally tax-exempt funds that were distributed to Minnesota businesses and workers through the Paycheck Protection Program (PPP) program and federal unemployment bonuses.
The changes impact the federal portion of unemployment compensation, PPP loan forgiveness, and other retroactive provisions affecting tax years 2017 through 2020. Visit the Minnesota Department of Revenue (DOR) website for updated Minnesota tax forms for tax year 2020.
If you filed a 2020 state income tax return that included unemployment compensation or PPP loan forgiveness, DOR will either adjust the return or will ask you to amend it. Here is a summary of the options.
This week marked the announcement of a $26 billion multi-state agreement with the nation’s three top pharmaceutical opioid manufacturer. Minnesota’s share is expected to be about $337 million, which will be provided over the next several years.
The state’s Opioid Epidemic Response Advisory Council will have oversight on how the funds are spent within Minnesota. Former area resident, Rep. Dave Baker (now of Willmar, MN) serves as vice-Chair of the advisory council.
The settlement included a variety of company specific agreements:
States have 30 days to sign onto the agreement. Local governments in the participating states will have until Jan. 1, 2022, to join to secure a critical mass of participating states and local governments.