MN | The Minnesota Department of Revenue has announced that Minnesota lawmakers passed a bonding bill during the October 2020 special session, and the Governor signed it into law on October 21, 2020.
The Act contains tax provisions, including retroactive full conformity to section 179 of the Internal Revenue Code (“Section 179”) for certain property acquired in a like-kind exchange under section 1031 of the Internal Revenue Code generally completed after December 31, 2017 and full conformity for all Section 179 expensing beginning in tax year 2020. These amendments impact tax years 2017 to 2020, and beyond.