This bill proposes extensive amendments to Minnesota's tax laws, focusing on various areas such as individual income taxes, corporate franchise taxes, property taxes, and sales and use taxes. Key provisions include the expansion of the child tax credit, the establishment of a minimum credit, and the introduction of a new online political contribution refund system. The bill also modifies property tax exemptions and classifications, adjusts local government aid calculations, and allows cities and counties to impose local sales and use taxes for specific projects. Notably, it repeals the tax on illegal marijuana and controlled substances, aiming to streamline tax processes and enhance taxpayer assistance.

Additionally, the bill introduces new tax credits for employers in the aviation and aerospace sector, establishes a local employer scholarship tax credit for workforce development, and clarifies definitions related to agricultural land and property tax assessments. It also enhances the authority of political subdivisions to grant tax abatements for affordable housing development and modifies the distribution of funds from mining operations to support community development in the Iron Range. The bill includes various effective dates for its provisions, with many set to take effect in future taxable years, ensuring a phased implementation of these changes. Overall, the legislation aims to provide financial relief through credits and deductions while promoting economic development and infrastructure improvements across Minnesota.

Statutes affected:
Introduction: 272.02, 273.38, 273.41, 289A.08, 295.53
1st Engrossment: 10A.02, 10A.322, 289A.08, 290.0132, 290.0686, 272.01, 272.02, 273.13, 273.38, 273.41, 469.1812, 469.1813, 123B.53, 273.135, 275.065, 276.04, 276A.01, 276A.06, 298.17, 298.2215, 298.28, 298.282, 298.292, 295.53, 297A.68, 297A.70, 297A.75, 297F.01, 609.902, 297A.99, 123B.71, 446A.086, 469.104, 473.757, 474A.091, 270C.21, 270C.33, 116U.27, 375.192, 270C.445, 289A.12, 297I.20