Enacted on 12 January, H.F. 31 updates Minnesota’s definition of the Internal Revenue Code to mean the Code as amended through 15 December 2022. The update applies retroactively as of the same time Code changes were effective for federal purposes. Prior law conformed to the Code as amended through 31 December 2018.
Updated IRC conformity impacts corporate, individual, trust, estate and other taxpayers. Changes to the corporate income tax are summarized in this PwC Insight.