This bill proposes extensive changes to Minnesota's tax laws, affecting individual income, corporate franchise, property, sales and use, and excise taxes. Key modifications include making the research and development credit partially refundable, adjusting income tax credits, and altering property tax exemptions. The bill introduces new provisions for land bank organizations, modifies the sales tax exemption for data centers by removing the exemption for electricity, and increases the tax on cannabis products while eliminating local cannabis aid. Additionally, it establishes new subdivisions that classify certain data as nonpublic and private, and introduces tax subtractions for discharges of indebtedness and student loan educational assistance. The bill also revises the refund process for political contributions, specifying maximum refund amounts and requiring unique receipt validation numbers.

Furthermore, the bill clarifies definitions related to tax credits and introduces new property tax exemptions for certain properties owned by federally recognized Indian Tribes. It modifies the classification and assessment of conservation properties and low-income rental properties, ensuring compliance with federal guidelines. The bill also establishes a new classification for land with commercial aggregate deposits and increases the tax exemption limit for free musical entertainment in third-class cities. It includes provisions for tax increment financing (TIF) districts, allowing for extended timeframes and new districts in various cities, and introduces a Consumer Protection Restitution Account funded by the attorney general's enforcement actions. Overall, the bill aims to enhance transparency, streamline tax processes, and provide targeted relief to specific populations and sectors.

Statutes affected:
Introduction: 10A.02, 10A.322, 41A.30, 270C.445, 290.0132, 290.06, 290.068, 290.0695, 290.091, 290A.03, 272.02, 273.117, 273.128, 273.13, 273.38, 273.41, 279.37, 449.08, 469.1812, 469.1813, 289A.20, 289A.60, 295.81, 297A.68, 297G.09, 290C.07, 290C.10, 477A.013, 477A.19, 469.176, 373.40, 446A.086, 462C.04, 469.104, 469.154, 474A.091, 475.521, 641.23, 3.192, 3.8855, 8.31, 16A.151, 37.31, 270C.11, 290.0693, 290A.19, 295.53, 295.54, 609.902, 477A.32, 13.4967, 116U.27, 290.0134, 297A.71, 297A.75, 297A.94, 297A.99, 297A.995, 289A.12, 297E.06, 297I.20