The bill amends Minnesota Statutes 2024, section 290A.03, subdivision 3, to modify the definition of "income" for property tax refund purposes. Key changes include the deletion of the phrase "or carryforward" from the provision regarding net operating loss carrybacks and the addition of new exclusions from income. Specifically, the bill introduces an exclusion for veterans disability compensation paid under title 38 of the United States Code and allows for the inclusion of the amount of a net operating loss carryforward as defined under section 172(b)(1)(A)(ii)(II) of the Internal Revenue Code.

Additionally, the bill specifies that the changes will take effect for claims based on property taxes payable in 2025 and thereafter. This legislative update aims to clarify the income calculation for property tax refunds, ensuring that certain types of income and deductions are accurately accounted for in determining eligibility for refunds.

Statutes affected:
Introduction: 290A.03