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Minnesotans waiting for PPP


JackieCPA
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Hello! 

How long is everyone else planning on waiting to see if Minnesota changes that PPP law? It hasn't even been talked about in the news since March 11, so I am thinking I am safe to finish up everyone's return I was waiting on. 

Any thoughts? 

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In the House bill, PPP up to $350k, and the UI exclusion.  And expansion of the renters credit.  Those are the 3 2020 items I heard, but there could be more.

I listened to the House Tax Comm discussion 2 days this week.  They've now passed it out of committee, and it has conformity for both those items in it.  I have no idea if they've also conformed to the stupid $300 deduction, or the 3-year spread for distributions.

BUT - this is only the start, they still have to duke it out with the Senate (though the GOP does strongly support the UI and PPP provisions).  Because they rolled conformity into the Omnibus Bill, it's in peril as the GOP hates a lot of 2021 provisions.  Maybe just a scare tactic, but the GOP members were saying it could take until July to agree on a bill.  They're pissed that conformity isn't separate.

So, I'm holding all mine with PPP and UI a little longer.  Basing estimateds on current law.  If we get close to 5/17 and the legislature hasn't made progress, I'll give clients a choice of how they want to deal with it.  Might make sense to file without paying the tax on those 2 items, and hope that they pass.

 

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