The bill proposes new legislation regarding the disclosure of corporate franchise tax information in Minnesota, specifically adding a new section to Minnesota Statutes, chapter 270B. It mandates that the Department of Revenue must make certain corporate franchise tax information publicly available on a website within one month after the end of the third calendar year following a taxpayer's taxable year. The information to be disclosed includes a corporation's tax return, relevant tax forms for income calculation, and the corporation's identity for state tax purposes. However, the bill explicitly prohibits the disclosure of a corporation's federal tax return or related information.

Additionally, the bill specifies that this requirement applies only to corporations with $250,000,000 or more in aggregate gross sales or receipts in a taxable year. It clarifies that compliance with this disclosure requirement does not constitute a violation of existing laws. The provisions of this bill will take effect for information required to be disclosed in calendar years beginning after December 31, 2024.