1.1.................... moves to amend H.F. No. 318 as follows:
1.2Page 1, delete section 2 and insert:

1.3    "Sec. 2. Minnesota Statutes 2012, section 290.01, subdivision 19, as amended by Laws
1.42013, chapter 3, section 3, is amended to read:
1.5    Subd. 19. Net income. The term "net income" means the federal taxable income,
1.6as defined in section 63 of the Internal Revenue Code of 1986, as amended through the
1.7date named in this subdivision, incorporating the federal effective dates of changes to the
1.8Internal Revenue Code and any elections made by the taxpayer in accordance with the
1.9Internal Revenue Code in determining federal taxable income for federal income tax
1.10purposes, and with the modifications provided in subdivisions 19a to 19f.
1.11    In the case of a regulated investment company or a fund thereof, as defined in section
1.12851(a) or 851(g) of the Internal Revenue Code, federal taxable income means investment
1.13company taxable income as defined in section 852(b)(2) of the Internal Revenue Code,
1.14except that:
1.15    (1) the exclusion of net capital gain provided in section 852(b)(2)(A) of the Internal
1.16Revenue Code does not apply;
1.17    (2) the deduction for dividends paid under section 852(b)(2)(D) of the Internal
1.18Revenue Code must be applied by allowing a deduction for capital gain dividends and
1.19exempt-interest dividends as defined in sections 852(b)(3)(C) and 852(b)(5) of the Internal
1.20Revenue Code; and
1.21    (3) the deduction for dividends paid must also be applied in the amount of any
1.22undistributed capital gains which the regulated investment company elects to have treated
1.23as provided in section 852(b)(3)(D) of the Internal Revenue Code.
1.24    The net income of a real estate investment trust as defined and limited by section
1.25856(a), (b), and (c) of the Internal Revenue Code means the real estate investment trust
1.26taxable income as defined in section 857(b)(2) of the Internal Revenue Code.
2.1    The net income of a designated settlement fund as defined in section 468B(d) of
2.2the Internal Revenue Code means the gross income as defined in section 468B(b) of the
2.3Internal Revenue Code.
2.4    The Internal Revenue Code of 1986, as amended through April 14, 2011 January 3,
2.52013, shall be in effect for taxable years beginning after December 31, 1996, and before
2.6January 1, 2012, and for taxable years beginning after December 31, 2012. The Internal
2.7Revenue Code of 1986, as amended through January 3, 2013, is in effect for taxable years
2.8beginning after December 31, 2011, and before January 1, 2013.
2.9    Except as otherwise provided, references to the Internal Revenue Code in
2.10subdivisions 19 to 19f mean the code in effect for purposes of determining net income for
2.11the applicable year.
2.12EFFECTIVE DATE.This section is effective the day following final enactment,
2.13except the changes incorporated by federal changes are effective at the same time as the
2.14changes were effective for federal purposes."
2.15Page 3, line 27, strike everything after the comma
2.16Page 3, line 28, delete the new language and strike "under" and strike "63(c)(1)(E)
2.17of the Internal Revenue Code,"
2.18Page 3, delete line 33 and insert "purposes of this paragraph, income, and sales
2.19and use taxes are"
2.20Page 4, line 21, delete "2012" and insert "2013"
2.21Page 5, line 18, strike everything after the comma
2.22Page 5, line 19, delete the new language and strike "allowed under" and strike
2.23"63(c)(1)(E) of the Internal Revenue Code,"
2.24Page 6, line 29, delete the new language and reinstate the stricken language
2.25Page 6, line 31, reinstate the stricken language
2.26Page 6, line 33, delete "retroactively"
2.27Page 6, line 34, delete "2011" and insert "2012"
2.28Page 9, line 32, delete "(b)"
2.29Page 11, line 23, delete "2012" and insert "2013"
2.30Page 13, line 12, delete "retroactively"
2.31Page 13, line 13, delete "2011" and insert "2012"
2.32Page 13, line 18, delete ", and reduced" and insert a period
2.33Page 13, delete line 19
2.34Page 13, delete section 7 and insert:

3.1    "Sec. 7. Minnesota Statutes 2012, section 290.01, subdivision 31, as amended by Laws
3.22013, chapter 3, section 4, is amended to read:
3.3    Subd. 31. Internal Revenue Code. Unless specifically defined otherwise, for
3.4taxable years beginning before January 1, 2012, and after December 31, 2012, "Internal
3.5Revenue Code" means the Internal Revenue Code of 1986, as amended through April 14,
3.62011; and for taxable years beginning after December 31, 2011, and before January 1,
3.72013, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended
3.8through January 3, 2013. Internal Revenue Code also includes any uncodified provision in
3.9federal law that relates to provisions of the Internal Revenue Code that are incorporated
3.10into Minnesota law. When used in this chapter, the reference to "subtitle A, chapter 1,
3.11subchapter N, part 1, of the Internal Revenue Code" is to the Internal Revenue Code as
3.12amended through March 18, 2010.
3.13EFFECTIVE DATE.This section is effective the day following final enactment,
3.14except the changes incorporated by federal changes are effective at the same time as the
3.15changes were effective for federal purposes."
3.16Page 14, line 30, delete "the tax year" and insert "tax years"
3.17Page 15, line 7, reinstate the stricken language
3.18Page 15, line 8, before "2018" insert "and for tax years beginning after December
3.1931, 2012, and before January 1,"
3.20Page 15, line 11, reinstate the stricken language, and before "2018" insert ", and for
3.21tax years beginning after December 31, 2012, and before January 1,"
3.22Page 15, line 25, delete "retroactively"
3.23Page 15, line 26, delete "2011" and insert "2012"
3.24Page 15, delete section 9 and insert:

3.25    "Sec. 9. Minnesota Statutes 2012, section 290A.03, subdivision 15, as amended by
3.26Laws 2013, chapter 3, section 5, is amended to read:
3.27    Subd. 15. Internal Revenue Code. For taxable years beginning before January 1,
3.282012, and after December 31, 2012, "Internal Revenue Code" means the Internal Revenue
3.29Code of 1986, as amended through April 14, 2011; and for taxable years beginning after
3.30December 31, 2011, and before January 1, 2013, "Internal Revenue Code" means the
3.31Internal Revenue Code of 1986, as amended through January 3, 2013.
3.32EFFECTIVE DATE.This section is effective for property tax refunds based on
3.33property taxes payable after December 31, 2013, and rent paid after December 31, 2012."
3.34Page 17, delete section 11
3.35Renumber the sections in sequence and correct the internal references
4.1Amend the title accordingly