Minnesota Statutes Various State Taxes and Programs (Ch. 289A-295) § 290.0133. Corporations; additions to federal taxable income

Subd. 2.Taxes paid. The amount of any deduction taken for income, excise, or franchise taxes based on net income or related minimum taxes, including but not limited to the tax imposed undersection 290.0922, paid by the corporation to Minnesota, another state, a political subdivision of another state, the District of Columbia, or any foreign country or possession of the United States, is an addition.

Subd. 3.Nontaxable interest. Interest upon obligations of: the United States, its possessions, its agencies, or its instrumentalities; the state of Minnesota or any other state, any of its political or governmental subdivisions, any of its municipalities, or any of its governmental agencies or instrumentalities; the District of Columbia; or Indian tribal governments is an addition.

Subd. 4.Exempt-interest dividends. Exempt-interest dividends received as defined insection 852(b)(5) of the Internal Revenue Code 1are an addition.

Subd. 5.Net operating losses. The amount of any net operating loss deduction undersection 172or832(c)(10) of the Internal Revenue Codeor operations loss deduction undersection 810 of the Internal Revenue Codeis an addition.

Subd. 6. Special deductions. The amount of any special deductions undersections 241to247, and250, of the Internal Revenue Codeis an addition.

Subd. 7.Nontaxable mining losses. Losses from the business of mining, as defined insection 290.05, subdivision 1, clause (a), that are not subject to Minnesota franchise tax are an addition.

Subd. 8.Capital losses. The amount of any capital losses undersections 1211and1212 of the Internal Revenue Codeis an addition.

Subd. 9.Percentage depletion. The amount of percentage depletion undersections 611through614and291 of the Internal Revenue Codeis an addition.

Subd. 10.Partner's pro rata share of net income. The amount of a partner's pro rata share of net income which does not flow through to the partner because the partnership elected to pay the tax on the income undersection 6242(a)(2) of the Internal Revenue Codeis an addition.

Subd. 11.Bonus depreciation. 80 percent of the depreciation deduction allowed undersection 168(k)(1)(A)and(k)(4)(A) of the Internal Revenue Codeis an addition. For purposes of this subdivision, if the taxpayer has an activity that in the taxable year generates a deduction for depreciation undersection 168(k)(1)(A)and(k)(4)(A)and the activity generates a loss for the taxable year that the taxpayer is not allowed to claim for the taxable year, “the depreciation allowed undersection 168(k)(1)(A)and(k)(4)(A)” for the taxable year is limited to excess of the depreciation claimed by the activity undersection 168(k)(1)(A)and(k)(4)(A)over the amount of the loss from the activity that is not allowed in the taxable year. In succeeding taxable years when the losses not allowed in the taxable year are allowed, the depreciation undersection 168(k)(1)(A)and(k)(4)(A)is allowed.

Subd. 13. Repealed byLaws 2019, 1st Sp., c. 6, art. 1, § 74,eff. for taxable years beginning after December 31, 2018.

Subd. 14. Repealed byLaws 2019, 1st Sp., c. 6, art. 1, § 74,eff. for taxable years beginning after December 31, 2018.

Subd. 15. Disallowed business interest deduction. For any taxable year beginning after December 31, 2018, and before January 1, 2021, the amount of business interest deducted under the special rule insection 163(j)(10)(A) and (B) of the Internal Revenue Code of 1986, as amended through December 15, 2022, is an addition. Entities that are part of a combined reporting group under the unitary rules insection 290.17, subdivision 4, must compute deductions and additions as required undersection 290.34, subdivision 5.