This bill establishes a private letter ruling program within the Minnesota Department of Revenue, aimed at providing taxpayers with guidance on how tax law applies to specific transactions or situations. By January 1, 2026, the commissioner is required to implement this program, which will include a process for taxpayers or their representatives to apply for rulings, as well as a fee structure to cover the costs associated with issuing these rulings. The bill outlines the conditions under which a private letter ruling will be binding on the commissioner, emphasizing the importance of accurate information and good faith on the part of the taxpayer.

Additionally, the bill mandates that the commissioner make these private letter rulings publicly accessible on the department's website, ensuring that they are organized by tax type and searchable while protecting taxpayer identities. A legislative report is also required every odd-numbered year, detailing the number of applications and rulings issued, application fees refunded, and other relevant information to facilitate oversight of the program. The effective date of the bill is the day following final enactment, with the first report due by January 31, 2028.