On May 30, 2019, Minnesota Gov. Tim Walz signed into law a tax bill addressing the state’s response to the federal Tax Cuts and Jobs Act (TCJA) passed in 2017. Minnesota adopted many of the TCJA provisions. Some of the changes are retroactive, but others start in 2019. Although conformity simplifies state tax compliance, retroactive application brings complexity. At this time, no action is required. If you receive correspondence from the Minnesota Department of Revenue, please share this information with your tax professional.
The Minnesota Department of Revenue has begun the process of reviewing the bill to update the state tax filing systems for taxpayer use in for the 2019 filing season. They are also working with the various tax software providers to ensure they have the information necessary to update their systems to reflect the tax law changes for all affected tax years.
Check out the MN Department of Revenue website for updates and a FAQs section.
