This bill amends current taxation laws in Minnesota regarding individual income and the treatment of certain retirement contributions. It requires that if an annuity contract provider receives a contribution to an individual retirement plan by the deadline set by 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 includes a retroactive effective date, stating that this provision applies specifically to notifications for contributions made in 2023. This change aims to correct errors related to the taxable year attribution of deductible contributions, thereby providing clarity and potentially benefiting individuals making retirement contributions.