This bill amends current tax law in Minnesota regarding the treatment of certain retirement contributions. It requires that if an annuity contract provider receives a contribution from an individual for an individual retirement plan by the deadline specified in the Internal Revenue Code, the provider must attribute that contribution to the preceding taxable year. This provision is contingent upon the individual notifying the provider of the tax year designation for the contribution within three years of the original due date for filing the return for that taxable year.

Additionally, the bill specifies that this correction of errors provision is effective retroactively for notifications related to contributions made in the year 2023 only. This retroactive application aims to provide clarity and fairness for individuals who may have made contributions that were misattributed in prior filings.