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 establishes an effective date for these changes, stating that they will apply to claims based on property taxes payable in 2025 and thereafter. This update is intended to ensure that the definition of income aligns with current tax regulations and provides clearer guidelines for taxpayers seeking property tax refunds.

Statutes affected:
Introduction: 290A.03