Minnesota Tax Code Changes Update | New
The changes to the Minnesota tax code were enacted on July 1, 2021. Changes included those relating to Unemployment Insurance (UI) compensation, loan cancellation from the Paycheck Protection Program. (PPP) and other retroactive compliance provisions affecting the 2017 to 2020 tax years.
Revenue is committed to providing updates on progress in updating our forms, developing and testing our system, communicating to affected taxpayers who need to change their returns and providing information on when where refunds begin to flow to affected taxpayers. Previous status updates were provided on Aug 13 and August 30.
You will find below the progress as of October 5, 2021:
- Almost all of the 2,100 returns affected by PPP changes filed at the corporate entity level have been processed. These returns represent a small fraction of the total impacted returns amount, do not require system development and testing, and are processed manually.
- We started to manually process more than 540,000 declarations with unemployment insurance compensation and PPP loan remission filed with personal income tax the week of September 13 with the aim of processing 1,000 returns per week. As of October 5, we have processed over 11,900 affected returns. Of these returns, more than 2,000 had PPP loan forgiveness adjustments.
- The number of returns processed per week will increase as system testing progresses and more returns can be processed through the system, with a target of processing 50,000 returns per week by the end of October.