The bill amends Minnesota Statutes 2024, section 290.06, subdivision 23a, to make a technical correction regarding the pass-through entity tax. It establishes that a credit is allowed against the tax imposed on a qualifying entity for pass-through entity tax paid to another state. This credit can only be claimed by a qualifying owner and must be claimed in a manner prescribed by the commissioner. Additionally, the language clarifies that the subdivision aligns with certain provisions of the Internal Revenue Code, specifically regarding the expiration of the subdivision and assessments for credits claimed.

Furthermore, the bill introduces new definitions for terms used within the subdivision, including "income," "pass-through entity tax," "qualifying entity," and "qualifying owner," which are referenced from other sections of the law. The bill also includes an effective date, stating that the changes will take effect the day following final enactment.

Statutes affected:
Introduction: 290.06
1st Engrossment: 290.06