This bill amends Minnesota Statutes to provide a subtraction from income for certain commercial loans issued by financial institutions, specifically targeting loans for business or agricultural purposes. It introduces new subdivisions in sections 290.0132 and 290.0134, which stipulate that for financial institutions classified as S corporations, as well as other financial institutions, the 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 use.

The effective date for these provisions is set for taxable years beginning after December 31, 2024. This change aims to support local businesses and agricultural operations by reducing the taxable income associated with qualifying commercial loans, thereby potentially encouraging financial institutions to lend to these sectors.

Statutes affected:
Introduction: 290.0132, 290.0134