MN Tax Code Changes

On July 1, 2021, Minnesota tax code changes were signed into law. There were several changes signed into law but the most notable were full conformity of the $10,200 unemployment compensation exclusion, full conformity to the Paycheck Protection Program loan forgiveness exclusion and conformity for retirement plan distributions. Minnesota Department of Revenue will be sending out letters later this summer letting taxpayers know whether the state will automatically adjust the tax returns filed or if the returns will need to be amended. The State has said NOT to amend your tax returns due to the changes at this time. We will keep you updated when more information is available to us.