The bill proposes new legislation regarding the disclosure of corporate franchise tax information in Minnesota, specifically under Minnesota Statutes, chapter 270B. It mandates that the Department of Revenue must make certain corporate franchise tax information publicly available on a website within one month from the start of the third calendar year following the end of a taxpayer's taxable year. The information to be disclosed includes a corporation's tax return, relevant tax forms for income calculation and apportionment, and the corporation's identity for state tax purposes. However, the bill explicitly states that it does not permit the disclosure of a corporation's federal tax return or related information.

Additionally, the bill specifies that this requirement applies only to corporations with $250,000,000 or more in aggregate gross sales or receipts in a taxable year. It also clarifies that compliance with this disclosure requirement does not constitute a violation of existing laws. The provisions of this bill will take effect for information required to be disclosed in calendar years beginning after December 31, 2025.