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 that if a ruling is not issued within 90 days of a completed application, the application fee must be refunded, and it mandates that any fees collected be deposited into a special revenue fund to offset the program's costs.

Additionally, the bill specifies that private letter rulings will be binding on the commissioner if certain conditions are met, such as the absence of misstatements in the application and the taxpayer's good faith reliance on the ruling. It also requires the commissioner to make these rulings publicly accessible while ensuring taxpayer anonymity. Furthermore, the commissioner must report to the legislature every odd-numbered year on various aspects of the program, including the number of applications and rulings issued, as well as any fees refunded. The first report is due by January 31, 2028, following the program's implementation.