This bill amends Minnesota Statutes to provide a subtraction from income for certain commercial loans issued by financial institutions, specifically targeting S corporations and other financial institutions. The new provisions, added as subdivisions to sections 290.0132 and 290.0134, stipulate that income from a commercial loan can be subtracted if the loan amount is $5,000,000 or less and is provided to a person residing or located in Minnesota for business or agricultural purposes.

The effective date for these changes is set for taxable years beginning after December 31, 2024. This legislation aims to support local businesses and agricultural operations by incentivizing financial institutions to issue loans that meet the specified criteria, thereby potentially enhancing economic growth within the state.

Statutes affected:
Introduction: 290.0132, 290.0134