The Federal Conformity Bill

The following is taken directly from Minnesota Revenue’s email newsletter:

On Saturday, January 24, 2015, the federal conformity bill was signed into law providing tax relief for more than 200,000 Minnesotans. Read the news release on the federal conformity bill here.

We needed quick legislative action to ensure a smooth tax filing season for the thousands of taxpayers who began filing their taxes this week. We applaud lawmakers and the Governor for their timely, bipartisan effort to pass this bill and make filing easier for Minnesota taxpayers.” – Revenue Commissioner Cynthia Bauerly

Federal law, signed on December 19, 2014, resulted in changes to the 2014 Schedule M1M, Income Additions and Subtractions. The form and instructions have been updated and are available on our website

    What changed on Schedule M1M?

  • Line 6 is now “Federal section 179 expensing addition”. Line 6 was previously left blank.
  • Line 36 is no longer needed and intentionally left blank. Do not enter an amount on line 36. Line 36 was previously the “Federally taxable employer-provided mass transit benefits of up to $120/month”.
Facebooktwittergoogle_plus

© Copyright 2017 • GEBHARD & GIGUERE, LTD • All Rights Reserved
Web Design Provided by: Scope 10 LLC - A Minneapolis/St. Paul Digital Media, marketing & Web Services Co.

Menu