The bill proposes a refundable sales tax exemption for construction materials used in the renovation of the Minneapolis-St. Paul International Airport. Specifically, it exempts materials, supplies, and equipment purchased by contractors or subcontractors from sales and use tax if these purchases occur between July 1, 2023, and January 1, 2028. Refunds for these taxes will not be available until after July 1, 2025, and the tax must be collected as if the standard rate applied, with refunds processed similarly to other specified projects under Minnesota law.

Additionally, the bill includes an appropriation from the general fund to the commissioner of revenue to cover the refunds mandated by this exemption. The effective date of this legislation is retroactive, applying to sales and purchases made after June 30, 2023, and before January 1, 2028.