2018 Omnibus Tax Bill (SF 3982, As Amended by SCS3982A-3 Amendment)
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1 2018 Omnibus Tax Bill (SF 3982, As Amended by SCS3982A-3 Amendment) SUMMARY $ in thousands TAX POLICY: Positive amounts indicate revenue increase AIDS, CREDITS, & REFUNDS: Positive amounts indicate expenditure A B LINE ITEM FY FY GENERAL FUND FORECAST (FEBRUARY 2018) 1 TAX POLICY (REVENUE) 42,963,853 46,360,377 2 PROPERTY TAX REFUNDS, AIDS, & CREDITS 3,655,702 3,652,469 GENERAL FUND PROPOSED CHANGES 5 TAX POLICY -176, ,445 6 PROPERTY TAX REFUNDS, AIDS, & CREDITS SUBTOTAL: GENERAL FUND PROPOSED CHANGES NET EFFECT -176, ,075 NON-GENERAL FUND PROPOSED CHANGES 10 LEGACY FUNDS TACONITE ECONOMIC DEVELOPMENT FUND TACONITE ENVIRONMENTAL PROTECTION ACCOUNT IRON RANGE RESOURCES AND REHABILITATION ACCOUNT 3, TACONITE PROPERTY TAX RELIEF ACCOUNT -3, SUBTOTAL: NON-GENERAL FUND PROPOSED CHANGES OTHER BUDGET EFFECTS 18 MNSURE OPERATING BUDGET -4,676-18, SUBTOTAL: OTHER BUDGET EFFECTS -4,676-18,253 Fiscal Analyst, SCRFA PAGE 1 OF 7
2 2018 Omnibus Tax Bill (SF 3982, As Amended by SCS3982A-3 Amendment) GENERAL FUND, CHANGE ITEMS ONLY $ in thousands BOLD indicates rows included in total TAX POLICY: Positive amounts indicate revenue increase AIDS, CREDITS, REFUND: Positive amounts indicate expenditure A B C D E F TAX POLICY: TCJA CONFORMITY - NON-BUSINESS INDIVIDUAL INCOME TAX PROVISIONS 1 FAGI Starting Point/Do not conform to TJCA TY ,500-26,500-27,100-27,900-55,000 2 Allow Exclusion of Discharged Student Loan Debt in Case of Death or Disability TY18 0 (Negl.) (Negl.) (Negl.) (Negl.) (Negl.) 3 Allow Section 529 Withdrawals of up to $10,000 TY ,700 4 Expand Eligibility for Medical Expense Deduction by Reducing FAGI Floor to 7.5% (from 10%) TY ,000-27, Repeal Deduction for Alimony Payments and Corresponding Inclusion of Received Alimony TY ,100 2,300 3,400 6 Clarify Limit on Wagering Losses TY Conform to Disallowing the Charitable Deduction for College Athletic Seating Payments TY18 0 2,000 2,000 1,200 1,200 2,400 8 Repeal Exclusion for Certain Employer-Provided Bicycle Fringe Benefits TY Allow Increased Contributions to ABLE Accounts TY18 0 (Negl.) (Negl.) (Negl.) (Negl.) (Negl.) 10 Extend Rollover Period for Certain Retirement Plan Loan Offsets TY18 0 (Negl.) (Negl.) (Negl.) (Negl.) (Negl.) 11 Repeal Special Rule Permitting Recharacterization of IRA Contributions TY SUBTOTAL: TCJA CONFORMITY - NON-BUSINESS INDIVIDUAL INCOME TAX PROVISIONS 0-51,160-51,160-25,180-24,880-50,060 TCJA CONFORMITY - INDIVIDUAL INCOME TAX PROVISIONS RELATED TO PASS-THROUGHS 15 Lang 540 Full conformity with Section 179 Expensing (Eliminate 80% Addback) TY ,300-20,300-63,700-50, , Conform to Bonus Depreciation (Maintain 80% MN Addback) TY , ,700 10,700 19, Disallow Certain Active Pass Through Losses (above $250k for single and $500k for joint filers) TY ,000 58,000 52,200 46,300 98, Tax Gain on Sale of Partnership on a Look-Through Basis TY18 0 1,100 1,100 1,800 1,900 3, Expand Definition of Built-in Loss for Purposes of Partnership Loss Transfers TY Charitable Contributions and Foreign Taxes Accounted for in Determining Limit on Partner's Share of Loss TY , Repeal Rollover of Publicly Traded Securities Gain TY Small Business Accounting Method Reform and Simplification TY18-4,300-62,700-67,000-22,000-12,200-34, Conform to Limitation on Net Interest Deduction (30% of Income) TY18 4,400 97, ,100 90,500 92, , Conform to Modifications of Net Operating Loss Deduction TY18 2,100 38,800 40,900 31,900 43,300 75, Repeal Deferred Gain on Like-Kind Exchanges TY ,300 2,400 2,500 3,300 5, Reduce Recovery Period for Certain Real Property TY , Repeal Deduction for Local Lobbying Expenses 7/1/ Limit Deduction for Employer-Provided Meals and Entertainment Expenses TY ,600 3,800 2,600 2,700 5, Limit Deduction for Certain Employer-Provided Transportation Benefits TY ,700 2,900 2,000 2,000 4,000 Fiscal Analyst, SCRFA PAGE 2 OF 7
3 A B C D E F 30 Prohibit Deduction for Employee Achievement Awards TY18 Negl. Negl. Negl. Negl. Negl. Negl. 31 Limit Deduction for FDIC Premiums TY ,900 2,000 1,800 1,800 3, Conform to Disallowance of Deduction for Sexual Harassment Payments Made Subject to NDA 7/1/2018 Negl. Negl. Negl. Negl. Negl. Negl. 33 Revise Treatment of Contributions to Capital 7/1/ , Modify Treatment of Interest for Producers of Beer, Wine, and Distilled Spirits TY ,500-1, Modify Limit on Excessive Compensation TY , Repeal Exclusion of Interest on Advance Refunding Bonds TY ,500 3,600 3,900 4,800 8, SUBTOTAL: TCJA CONFORMITY - INDIVIDUAL INCOME TAX PROVISIONS RELATED TO PASS-THROUGHS 2, , , , , ,600 TCJA CONFORMITY - CORPORATE FRANCHISE TAX 40 Lang 540 Full conformity with Section 179 Expensing (Eliminate 80% Addback) TY19 0-7,700-7,700-24,100-18,900-43, Conform to Bonus Depreciation (Maintain 80% MN Addback) TY18-1,300 2, ,300 22,600 40, Repeal Rollover of Publicly Traded Securities Gain TY , Small Business Accounting Method Reform and Simplification TY ,900-7,400-2,400-1,300-3, Conform to Limitation on Net Interest Deduction (30% of Income) TY ,600 17,300 15,400 15,700 31, Repeal Deferred Gain on Like-Kind Exchanges TY ,900 3,000 3,100 4,200 7, Reduce Recovery Period for Certain Real Property TY ,100-1, Repeal Deduction for Local Lobbying Expenses 7/1/ Limit Deduction for Employer-Provided Meals and Entertainment Expenses TY ,800 10,400 7,000 7,300 14, Limit Deduction for Certain Employer-Provided Transportation Benefits TY ,300 7,700 5,400 5,600 11, Prohibit Deduction for Employee Achievement Awards TY18 Negl. Negl. Negl. Negl. Negl. Negl. 51 Limit Deduction for FDIC Premiums TY ,000 5,200 4,900 4,900 9, Conform to Disallowance of Deduction for Sexual Harassment Payments Made Subject to NDA 7/1/2018 Negl. Negl. Negl. Negl. Negl. Negl. 53 Revise Treatment of Contributions to Capital 7/1/ ,100 2,000 3, Conform to Modifications of Historic Rehabilitation Credit TY ,900 14,900 25,000 12,700 37, Modify Treatment of Interest for Producers of Beer, Wine, and Distilled Spirits TY ,900-2,000-1, , Modify Limit on Excessive Compensation TY18 0 2,800 2,800 3,600 3,600 7, Repeal Exclusion of Interest on Advance Refunding Bonds TY ,800 1,900 2,100 2,500 4, SUBTOTAL: TCJA CONFORMITY - CORPORATE FRANCHISE TAX ,100 48,300 58,400 60, ,100 UNRELATED BUSINESS INCOME TAX 61 Unrelated Business Income of Charitable Organizations Separately Computed TY18 0 3,100 3,100 2,200 2,200 4, SUBTOTAL: UNRELATED BUSINESS INCOME TAX 0 3,100 3,100 2,200 2,200 4,400 OTHER CONFORMITY 65 Franzen 2523 Conform to Disaster Tax Relief and Airport and Airway Extension Act* 7/1/2018-5,540 1,990-3, , Conform to Bipartisan Budget Act of 2018* 7/1/ , , Make Permanent Mortage Insurance Premiums Deduction TY18 0-7,000-7,000-7,800-9,000-16, Make Premanent Tuition Expenses Deduction TY18 0-2,600-2,600-2,600-2,700-5,300 Fiscal Analyst, SCRFA PAGE 3 OF 7
4 A B C D E F 69 SUBTOTAL: OTHER CONFORMITY -26,330-7,425-33,755-9,380-11,265-20, REFERENCE SUBTOTAL: NET EFFECT OF CONFORMITY-RELATED ITEMS -23, ,915 96, , , ,395 OTHER INDIVIDUAL INCOME TAX PROVISIONS 74 Chamberlain Rate Reduction on 1st Bracket (to 5.10% from 5.35%) TY , , , , , Anderson, P Angel Tax Credit TY18 0-5,000-5, Rest 3850 Stillbirth Credit Modification Retro 1/1/2016 Negl. Negl. Negl. Negl. Negl. Negl. 77 Chamberlain 4010 Tax Rate Reduction Contingent on Budget Surplus 7/1/ (Unkn.) (Unkn.) (Unkn.) 78 Chamberlain 265 Cannabis Expense Subtraction TY18 (Unkn.) (Unkn.) (Unkn.) (Unkn.) (Unkn.) (Unkn.) 79 Johnson 3735 Income Tax Interaction: Intrastate Natural Gas Transportation or Distribution Pipeline Exemption Payable Negl. Negl. 80 SUBTOTAL: OTHER INDIVIDUAL INCOME TAX PROVISIONS 0-271, , , , ,200 OTHER CORPORATE FRANCHISE TAX PROVISIONS 83 Chamberlain 3201 Captive Insurance Company Definition Retro SUBTOTAL: OTHER CORPORATE TAX PROVISIONS SALES TAX 87 Anderson, P Exemption: Construction of Minnetonka Public Safety Facility (Expires 1/1/21) 1/30/ Ingebritsen 659 Exemption: Game Release Fees FY SUBTOTAL: SALES TAX ,030 STATEWIDE PROPERTY TAX 92 Johnson 3735 Intrastate Natural Gas Transportation or Distribution Pipeline Exemption Payable (Negl.) SUBTOTAL: STATEWIDE PROPERTY TAX ESTATE TAX 96 Nelson 3867 Increase Estate Tax Exclusion to $5 million 1/1/ ,400-44,100-82, Relph 2951 Modification to Definition of Qualified Property Retro 1/1/2018 (Unkn.) (Unkn.) (Unkn.) (Unkn.) (Unkn.) (Unkn.) 98 SUBTOTAL: ESTATE TAX ,400-44,100-82,500 OCCUPATION TAX 101 Eichorn 2965 Occupation Tax Refund FY19 0-2,200-2,200-1,900-1,800-3, SUBTOTAL: OCCUPATION TAX 0-2,200-2,200-1,900-1,800-3, TOTAL: TAX POLICY (23,930) (152,855) (176,785) (71,040) (31,405) (102,445) Fiscal Analyst, SCRFA PAGE 4 OF 7
5 A B C D E F AIDS, CREDITS, AND REFUNDS: PROPERTY TAX REFUNDS 110 Koran 741 Certain Ground Lease Payments Made Eligible for Homestead Credit Refund Payable Anderson, B Disabled Veterans Homestead Exclusion Spousal Benefit Modified Payable Koran 3661 Retreat or Craft Houses Reclassified as Seasonal-Recreational Property Payable Negl. Negl. Negl. 113 Chamberlain 2458 Interaction: Property Tax Exemption Expansion to Indian Tribe Owned Pharmacy Payable Negl. Negl. Negl. 114 SUBTOTAL: PROPERTY TAX REFUNDS TOTAL: AIDS, CREDITS, AND REFUNDS (480) 110 (370) 121 NET GENERAL FUND EFFECT (TAX POLICY - AIDS, CREDITS, REFUNDS) (23,930) (152,855) (176,785) (70,560) (31,515) (102,075) *Total includes individual income tax revenue and corporate franchise tax revenue Fiscal Analyst, SCRFA PAGE 5 OF 7
6 2018 Omnibus Tax Bill (SF 3982, As Amended by SCS3982A-3 Amendment) NON-GENERAL FUND AND OTHER BUDGET EFFECTS, CHANGE ITEMS ONLY $ in thousands BOLD indicates rows included in total TAX POLICY: Positive amounts indicate revenue increase AIDS, CREDITS, REFUND: Positive amounts indicate expenditure A B C D E F NON-GENERAL FUND EFFECTS: LEGACY FUNDS 1 Anderson, P Exemption: Construction of Minnetonka Public Safety Facility (Expires 1/1/21) 1/30/ Ingebritsen 659 Exemption: Game Release Fees FY SUBTOTAL: LEGACY FUNDS TACONITE ECONOMIC DEVELOPMENT FUND 6 Bakk 3995, A3 Modify Eligibility for Distributions Retro 12/31/ SUBTOTAL: TACONITE ECONOMIC DEVELOPMENT FUND TACONITE ENVIRONMENTAL PROTECTION FUND 10 Bakk 3995, A3 Receipt of Excess Remainder of TEDF Distributions 7/1/ SUBTOTAL: TACONITE ENVIRONMENTAL PROTECTION FUND IRON RANGE RESOURCES AND REHABILITATION ACCOUNT 14 Bakk 3995, A3 Transfer in from Taconite Property Tax Relief Account 2018 Distr. 0 3,211 3, SUBTOTAL: IRON RANGE RESOURCES AND REHABILITATION ACCOUNT 0 3,211 3, TACONITE PROPERTY TAX RELIEF ACCOUNT 18 Bakk 3995, A3 Transfer out to Irong Range Resources and Rehabilitation Account 2018 Distr. 0-3,211-3, SUBTOTAL: TACONITE PROPERTY TAX RELIEF ACCOUNT 0-3,211-3, TOTAL: NON-GENERAL FUND EFFECTS 0 (20) (20) (40) (20) (60) OTHER BUDGET EFFECTS: MNSURE 26 Chamberlain 3392 Reduction of Premium Withold to 2% (from 3.5%) 1/1/ ,676-4,676-9,127-9,126-18, SUBTOTAL: MNSURE 0-4,676-4,676-9,127-9,126-18, TOTAL: OTHER BUDGET EFFECTS 0 (4,676) (4,676) (9,127) (9,126) (18,253) Fiscal Analyst, SCRFA PAGE 6 OF 7
7 APPENDIX A: NON-FISCAL POLICY ITEMS ITEMS WITHOUT STATE BUDGET EFFECTS, CHANGE ITEMS ONLY LINE AUTHOR SF ITEM EFFECTIVE DATE PUBLIC FINANCE: 1 Senjem 3409 Public Facilities Project Bond Allocation Act Modification 7/1/ Chamberlain 3097 Drainage Lien Principal Interest Rate Modification 7/1/2018 PROPERTY TAX: 5 Housley 2661 Metropolitan Agricultural Preserves Expiration Modification DFE 6 Johnson 2463 Northwest Minnesota Multicounty Housing and Redevelopment Levy Authority (Expires Payable 24) Payable 19 7 Chamberlain 1918 Fire Protection Special Taxing District DFE 8 Lang 3077 Watershed District Levy Authority Modified Payable 19 9 Bakk 1274 Cities and Towns May Appropriate to Local Historical Societies DFE 10 Utke 3707 Pipeline and Utilities Property Valuation Study and Report 7/1/ Bakk 3995 Sustainable Forest Incentive Act (SFIA) Program Eligible Land Clarification DFE LOCAL: 14 Westrom 2519 Fire Remediation Grant Extension DFE 15 Dziedzic 2903 Increase City of Minneapolis Maximum Allowable Lodging Tax Cap to % (from 13%) Local Approval 16 Mathews 3253 Excise Tax and Fee Prohibition DFE 17 TECHNICAL AND POLICY: 19 Chamberlain 3712 Department of Revenue Policy Bill (with modifications) Various 20 Chamberlain 3711 Department of Revenue Technical Bill (with modifications) Various Fiscal Analyst, SCRFA PAGE 7 OF 7
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