The bill proposes extensive amendments to Minnesota tax law, focusing on various tax provisions, including individual income, corporate franchise, property, and sales taxes. Key features include the introduction of a one-time refundable rebate credit, adjustments to property tax exemptions, and the establishment of new aid programs for soil and water conservation districts and public safety. It enhances tax credits for beginning farmers, increasing credit amounts and defining agricultural assets. Significant insertions include a new markets tax credit, modifications to agricultural asset tax credits, and provisions for sales tax exemptions. The bill also extends the expiration date for certain tax credits and introduces new definitions related to low-income community businesses, ensuring alignment with federal standards.

Additionally, the bill addresses tax increment financing (TIF) laws, allowing cities to extend TIF district termination dates and establish new districts for redevelopment. It introduces local sales tax provisions for specific projects in various municipalities, contingent upon voter approval, and outlines the process for implementing these taxes. The bill also enhances data sharing among state agencies to improve public assistance and tax compliance. Overall, the legislation aims to streamline tax processes, provide financial relief to families and businesses, and enhance local government funding mechanisms while ensuring compliance with updated federal regulations.

Statutes affected:
Introduction: 116J.8737, 289A.08, 290.0131, 290.0132, 290.06, 290.067, 290.0671, 290.0674, 290.0677, 290.0681, 290.091, 297A.61, 297A.67, 297A.70, 297A.71, 297A.75, 273.124, 273.1245, 273.1315, 273.1387, 290B.03, 290B.04, 290B.05, 477A.011, 477A.0124, 477A.013, 477A.03, 270C.52
1st Engrossment: 13.4967, 41B.0391, 116J.401, 116J.8737, 116U.27, 270B.14, 289A.08, 289A.382, 290.01, 290.0131, 290.0132, 290.0134, 290.06, 290.067, 290.0671, 290.0674, 290.0677, 290.0681, 290.0685, 290.091, 290.17, 297I.20, 289A.02, 290A.03, 291.005, 103D.905, 272.02, 272.025, 273.11, 273.111, 273.124, 273.1245, 273.128, 273.13, 273.1315, 273.41, 279.03, 282.261, 290A.04, 290B.03, 290B.04, 290B.05, 383E.21, 473F.02, 273.1392, 477A.011, 477A.0124, 477A.013, 477A.014, 477A.015, 477A.03, 477A.12, 477A.16, 38.27, 297A.67, 297A.68, 297A.70, 297A.71, 273.1341, 298.015, 298.018, 298.28, 298.296, 469.174, 469.175, 469.176, 469.1763, 273.1382, 469.1771, 297A.99, 123B.61, 366.095, 373.01, 383B.117, 410.32, 412.301, 469.033, 469.053, 469.107, 473.39, 474A.02, 475.54, 16A.726, 297A.994, 473J.13, 206.95, 270C.52, 278.01, 297H.13, 289A.50, 290.92, 290.9705, 6.495, 477B.01, 477B.02, 477B.03, 477B.04, 477C.02, 477C.03, 477C.04, 13.46, 270C.13, 270C.446, 290A.19, 299C.76, 270C.19, 295.50, 296A.083, 297A.61