Minnesota Tax Changes - October 2024
Week Of 10.07.2024
The Minnesota Department of Revenue has announced that electronic filing of Form M1X, Amended Returns, will not be available for tax year 2024.
The Department discovered issues during the development process that would have required significant time and resources to solve. The Department will accept amended income tax returns for tax year 2024 on paper, following the same process used in previous years. The Department is working to draft updated Form M1 and Form M1X as soon as possible and plans to publish final versions of the forms to its website by October 11, 2024.
Week Of 09.30.2024
MinnesotaCare tax research credit rate for 2025.
The provider research tax credit for companies subject to the MinnesotaCare tax will be 0.5% of revenues for patient services in 2025. This credit is used to fund qualifying research conducted by an allowable research program. The rate was also 0.5% for research programs in 2024.
Week Of 10.07.2024
Minnesota Personal Income Tax—Minnesota will not allow electronic filing of Form M1X for tax year 2024.
The Minnesota Department of Revenue has announced that it has decided not offer electronic filing of Form M1X, Amended Returns, for tax year 2024. The Department has concluded that a number of issues were discovered in the development process that would have required significant time and resources to solve. The process and details the Department shared on September 13, 2024 (see State Tax Updates, 09/16/2024), will not be accurate for tax year 2024. The Department will accept amended income tax returns for tax year 2024 on paper, following the same process used in previous years. The Department is working to draft updated Form M1, and Form M1X, as soon as possible. The Department plans to publish final versions of the forms to its website by October 11, 2024. The Department apologizes for the inconvenience and any confusion this may cause. The project remains a priority for the Department and it plans to revisit it in the future. (M1X Electronic Filing on Hold, Minn. Dept. Rev., 10/10/2024.)
Week Of 09.30.2024
Minnesota Cigarette, Alcohol & Miscellaneous Taxes—MinnesotaCare tax research credit rate for 2025.
The provider research tax credit for companies subject to the MinnesotaCare tax will be 0.5% of revenues for patient services used to fund expenditures for qualifying research conducted by an allowable research program in calendar year 2025 (the rate was 0.5% for research programs in calendar year 2024). (Notice of Rate for Provider Tax Research Credit, Minn. Management and Budget, Budget Services Div., 09/30/2024.)
Week Of 10.07.2024
Minnesota Personal Income Tax—Minnesota will not allow electronic filing of Form M1X for tax year 2024.
The Minnesota Department of Revenue has announced that it has decided not offer electronic filing of Form M1X, Amended Returns, for tax year 2024. The Department has concluded that a number of issues were discovered in the development process that would have required significant time and resources to solve. The process and details the Department shared on September 13, 2024 (see State Tax Updates, 09/16/2024), will not be accurate for tax year 2024. The Department will accept amended income tax returns for tax year 2024 on paper, following the same process used in previous years. The Department is working to draft updated Form M1, and Form M1X, as soon as possible. The Department plans to publish final versions of the forms to its website by October 11, 2024. The Department apologizes for the inconvenience and any confusion this may cause. The project remains a priority for the Department and it plans to revisit it in the future. (M1X Electronic Filing on Hold, Minn. Dept. Rev., 10/10/2024.)
Week Of 09.30.2024
Minnesota Cigarette, Alcohol & Miscellaneous Taxes—MinnesotaCare tax research credit rate for 2025.
The provider research tax credit for companies subject to the MinnesotaCare tax will be 0.5% of revenues for patient services used to fund expenditures for qualifying research conducted by an allowable research program in calendar year 2025 (the rate was 0.5% for research programs in calendar year 2024). (Notice of Rate for Provider Tax Research Credit, Minn. Management and Budget, Budget Services Div., 09/30/2024.)