Tax News

CCH (cch.taxgroup.com) reports:

  Legislation has been enacted that adopts Internal Revenue Code provisions amended through December 31, 2008 for purposes of computing the Minnesota corporate franchise tax, the personal income tax, and the estate tax. The income tax conformity provisions are effective for taxable years beginning after December 31, 2007. The estate tax update is effective on April 4, 2009, except the changes incorporated by federal changes are effective at the same time as the changes were effective for federal purposes.

  In addition to the federal conformity update, the legislation prohibits the Commissioner of Revenue from assessing additional tax, penalties, or interest against any employer for failing to withhold personal income tax from differential wages paid after December 31, 2008 and before January 1, 2010, to an employee who has been called to active duty in the military services. Changes to property tax provisions, including a new green acres land conservation program, were also enacted by the legislation. (TAXDAY, 2009/04/08, S.9)