This bill proposes significant modifications to Minnesota's taxation provisions, focusing on individual income and corporate franchise taxes, property taxes, and state aid programs. Key changes include the introduction of new definitions, such as the "commissioner" of revenue, and the establishment of an electronic filing system for political party contribution refunds. The bill also outlines new classifications and exemptions for property taxes, particularly for properties owned by federally recognized Indian Tribes, and modifies aid reporting requirements. Additionally, it provides penalty relief for certain state aid programs and appropriates funds while repealing outdated statutes.

The bill further addresses agricultural homesteads by increasing the allowable number of shareholders in family farm corporations and establishing criteria for maintaining agricultural homestead classification for properties affected by natural disasters. It modifies classification rates for various property classes and mandates local units receiving public safety aid to report on the aid received and its intended use. The bill aims to enhance transparency in public finance and streamline processes related to property classification and state aid, with various effective dates for the changes, some beginning in 2025 and others in 2026.

Statutes affected:
Introduction: 272.02, 273.38, 273.41
1st Engrossment: 3.8855, 10A.02, 10A.322, 270C.445, 290.0132, 290.06, 290.0693, 290.0695, 290.091, 272.01, 272.02, 273.124, 273.13, 273.38, 273.41, 290A.03, 446A.086, 469.104, 474A.091