This bill amends Minnesota Statutes 2024, section 290A.03, subdivision 3, to modify the definition of "income" for the purposes of property tax refunds. The changes include the deletion of the phrase "or carryforward" regarding net operating loss carrybacks, and the addition of new exclusions from income, specifically veterans disability compensation and the amount of a net operating loss carryforward allowed under section 172(b)(1)(A)(ii)(II) of the Internal Revenue Code. These adjustments aim to clarify what constitutes income when determining eligibility for property tax refunds.

Additionally, the bill introduces an effective date stating that the new provisions will apply to claims based on property taxes payable in 2025 and thereafter. This change is intended to ensure that the updated definition of income is implemented in a timely manner, allowing taxpayers to benefit from the revised criteria in future property tax refund claims.

Statutes affected:
Introduction: 290A.03