This bill amends Minnesota Statutes to provide a subtraction from income for certain commercial loans issued by financial institutions, specifically targeting S corporations and other financial institutions. The new provisions state that the income from a commercial loan can be subtracted if the loan amount is $5,000,000 or less and is provided to a person residing or located in Minnesota, with the loan being used primarily for business or agricultural purposes.

The amendments are made to sections 290.0132 and 290.0134 of the Minnesota Statutes, with each section adding a new subdivision that outlines these criteria for the income subtraction. Both sections specify that these changes will take effect for taxable years beginning after December 31, 2023.

Statutes affected:
Introduction: 290.0132, 290.0134