This bill amends Minnesota Statutes 2024, section 290.01, subdivision 31, to align state tax law with recent federal changes regarding the deduction for business interest. Specifically, it incorporates sections 70303, 70341, and 70342 of Public Law 119-21 into the definition of the "Internal Revenue Code" as it applies to Minnesota law. This adjustment ensures that Minnesota's tax regulations reflect the latest federal provisions concerning business interest deductions.

Additionally, the bill includes a provision stating that the changes will take effect the day after final enactment, with the federal changes being applied retroactively to the same date they became effective for federal purposes. This retroactive application aims to provide consistency between state and federal tax treatment for businesses in Minnesota.

Statutes affected:
Introduction: 290.01