The bill proposes significant changes to Minnesota's tax provisions, affecting individual income, corporate franchise taxes, sales and use taxes, and property taxes. Key amendments include the repeal of taxes on illegal cannabis and controlled substances, adjustments to political contribution refunds, and the introduction of new tax credits and exemptions for agricultural assets. The bill also enhances local government aid, modifies tax increment financing provisions, and establishes land bank organizations. Specific provisions include new definitions for agricultural assets, changes to eligibility criteria for tax credits, and updates to data privacy regulations concerning political contributions. Effective dates for various sections are specified, with some provisions taking effect as early as January 1, 2027.

Additionally, the bill addresses property tax regulations, particularly for properties owned by Indian Tribes and electric generation facilities, and introduces a new agricultural water quality credit. It modifies the classification of agricultural homesteads and establishes streamlined processes for tax credits related to beginning farmers. The bill also includes provisions for local sales tax regulations, requiring voter approval for new taxes and mandating transparency in tax statements. Overall, the legislation aims to modernize tax administration, enhance support for local governments, and improve accessibility to tax credits and exemptions for various sectors, with many changes set to take effect in the coming years.

Statutes affected:
Introduction: 41A.30, 270C.445, 290.068, 290.0695, 270.075, 272.02, 273.19, 273.38, 273.41, 477A.19, 297A.61, 297A.62, 297A.65, 297F.25, 289A.60, 290.0693, 290A.19, 290C.07, 295.81, 477A.32
1st Engrossment: 10A.02, 10A.322, 41B.0391, 116U.27, 270C.445, 289A.08, 290.0132, 290.033, 290.06, 290.0674, 290.0681, 290.0686, 290.0693, 290.0695, 290.091, 290.095, 290.92, 290A.03, 272.01, 272.02, 273.117, 273.124, 273.128, 273.13, 273.1392, 273.1393, 273.19, 273.38, 273.41, 275.065, 276.04, 279.37, 449.08, 469.171, 469.1731, 469.1812, 469.1813, 289A.20, 289A.60, 295.54, 297A.68, 297A.70, 297A.99, 297A.9915, 297A.9925, 126C.13, 126C.17, 477A.011, 477A.013, 477A.03, 477A.23, 477A.30, 469.176, 373.40, 446A.086, 462C.04, 469.104, 469.154, 474A.091, 475.521, 641.23, 41A.30, 270B.161, 272.03, 273.12, 289A.02, 289A.12, 289A.19, 290.0133, 290.0134, 290.0135, 290.09, 290.05, 290.20, 290.923, 297A.71, 298.001, 298.01, 298.015, 298.016, 298.018, 298.17, 3.192, 3.8855, 8.31, 14.03, 16A.151, 37.31, 270C.07, 270C.08, 270C.085, 270C.11, 289A.51, 290A.19, 290C.07, 295.81, 299C.76, 473.756, 473.757, 473.759, 609.902, 477A.32, 13.4967, 289A.31, 290.01, 297A.75, 297A.94, 297A.995, 297I.20
2nd Engrossment: 10A.02, 10A.322, 41B.0391, 270C.445, 289A.08, 290.0132, 290.033, 290.06, 290.0674, 290.0681, 290.0686, 290.0693, 290.0695, 290.091, 290.095, 290.92, 290A.03, 272.01, 272.02, 273.117, 273.124, 273.128, 273.13, 273.1392, 273.1393, 273.19, 273.38, 273.41, 275.065, 276.04, 279.37, 449.08, 469.171, 469.1731, 469.1812, 469.1813, 289A.20, 289A.60, 295.54, 297A.68, 297A.70, 297A.99, 297A.9915, 297A.9925, 126C.13, 126C.17, 477A.011, 477A.013, 477A.03, 477A.23, 477A.30, 469.176, 373.40, 446A.086, 462C.04, 469.104, 469.154, 474A.091, 475.521, 641.23, 41A.30, 270B.161, 272.03, 273.12, 289A.02, 289A.12, 289A.19, 290.0133, 290.0134, 290.0135, 290.09, 290.05, 290.20, 290.923, 297A.71, 298.001, 298.01, 298.015, 298.016, 298.018, 298.17, 3.192, 3.8855, 8.31, 14.03, 16A.151, 37.31, 270C.07, 270C.08, 270C.085, 270C.11, 289A.51, 290A.19, 290C.07, 295.81, 299C.76, 473.756, 473.757, 473.759, 609.902, 477A.32, 13.4967, 116U.27, 289A.31, 290.01, 297A.75, 297A.94, 297A.995, 297I.20