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, introduces tax subtractions for discharges of indebtedness, and provides for student loan educational assistance from critical access dental clinics.

The bill also amends campaign finance regulations, requiring numbered receipt forms for contributions and allowing electronic claims for refunds with unique validation numbers. It modifies the definition of "tentative minimum tax" and clarifies property tax exemptions for properties owned by federally recognized Indian Tribes. Furthermore, it introduces provisions for tax increment financing (TIF) districts in various cities, streamlining processes related to bond allocations and tax expenditures. The bill aims to enhance tax compliance, streamline processes, and adjust fiscal allocations to better serve the state's needs, with various effective dates for the proposed changes.

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