Minnesota recently made changes to the municipal bond reporting requirements through Minnesota Statute 289A.12, subdivision 14. The updated statute makes it mandatory for filers to report both exempt interest and exempt-interest dividends. Regulated investment companies paying $10 or more in exempt-interest dividends to a Minnesota resident, or anyone receiving $10 or more in exempt-interest or exempt-interest dividends and paying as nominee to a Minnesota resident, are required to file information returns with the Minnesota Department of Revenue. The new requirement is effective for all reports filed after December 31, 2017, and must be reported on the Form 1099-B “Hybrid Document” as laid out in Fact Sheet 19.
Fact Sheet 19 was also updated recently with minor changes to some parts of the specifications for the 1099-B “Hybrid Document” transmittal schema. Specifically, filers are instructed not to use semi-colons when completing their files.
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