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, mandates accelerated sales tax payments for certain vendors, and removes the sales tax exemption for electricity used in data centers. Additionally, it increases the tax on cannabis products while eliminating local cannabis aid and repealing the controlled substance tax. The bill also enhances data privacy related to electronic reporting systems and establishes new tax subtractions for various financial discharges.

Furthermore, the bill amends existing statutes to clarify definitions related to campaign finance, modifies tax credits for hospitals and pharmacies, and introduces a new Consumer Protection Restitution Account funded by the attorney general's recovered funds. It adjusts penalties for filing rent certificates and revises tax provisions for Social Security benefits and retirement income. The bill also establishes a tax framework for illegal cannabis, mandating proof of tax payment for possession and outlining penalties for non-compliance. Overall, the bill aims to streamline tax processes, enhance compliance, and provide financial support to local governments while ensuring transparency in campaign financing and consumer protection.

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