The bill amends Minnesota Statutes 2024, section 290.01, subdivision 31, to clarify the definition of the "Internal Revenue Code" as it pertains to state taxation. It specifies that the Internal Revenue Code refers to the version in effect as of May 1, 2023, and includes any uncodified provisions in federal law that relate to the Internal Revenue Code incorporated into Minnesota law. Additionally, the bill explicitly states that for the purposes of this chapter, the Internal Revenue Code does not include section 530 of Public Law 95-600, as amended.

Furthermore, the bill establishes an effective date for these changes, stating that they will apply to taxable years beginning after December 31, 2025. This legislative action aims to provide clarity on employee classification and taxation in Minnesota by delineating the specific provisions of federal law that are applicable and those that are excluded.

Statutes affected:
Introduction: 290.01