This bill proposes to make the class 4d(1) low-income rental property aid a permanent fixture in Minnesota law, specifically codified in chapter 477A of the Minnesota Statutes. It establishes definitions related to the aid, including terms such as "4d(1) property," "base assessment year," and "modified tax capacity." The bill outlines the calculation for the aid amount, which is determined by the city's tax rate and modified tax capacity, and mandates that the commissioner of revenue will certify the aid amount to each city before August 1 of the year prior to the aid distribution.

Additionally, the bill includes provisions for the administration and payment schedule of the aid, specifying that the aid will be paid in two installments. It also includes an appropriation clause, ensuring that sufficient funds are allocated from the general fund to cover the aid payments. The effective date for this new law is set for aids payable in 2027 and thereafter.