The proposed bill seeks to amend various tax provisions in Minnesota, introducing new taxes and modifying existing tax structures to enhance revenue generation and support economic development. Key provisions include the establishment of a social media tax, a Hennepin County health care tax, and a tax on amounts acquired through fraud. The bill also aims to align state tax regulations with federal standards, update definitions, and modify income tax credits and subtractions. Additionally, it introduces new local sales taxes, seasonal tax base replacement aid, and federal enforcement reimbursement aid, with many changes set to take effect immediately or retroactively to align with federal changes.

Significant amendments include updates to the definition of "Internal Revenue Code" to incorporate federal law changes, modifications to tax credit structures for sustainable aviation fuel and agricultural assets, and provisions for tax exemptions related to specific properties, including those owned by Indian tribes. The bill also addresses the classification of agricultural properties, updates the valuation exclusion for veterans with disabilities, and introduces new tax exemptions for job opportunity building zones. Overall, the legislation aims to streamline tax regulations, promote economic growth, and provide targeted support for various sectors while ensuring compliance with federal standards.

Statutes affected:
Introduction: 289A.02, 289A.12, 289A.60, 290.01, 290.0122, 290.0131, 290.0132, 290.0133, 290.0134, 290.033, 290.0921, 290.21, 290.92, 290A.03, 291.005, 41A.30, 289A.08, 290.06, 290.067, 297A.61, 297A.62, 297F.25, 270C.726, 295.81
1st Engrossment: 289A.02, 290.01, 290A.03, 291.005, 41A.30, 116U.27, 290.0132, 290.0681, 290.0683, 290.92, 462A.40, 272.01, 272.02, 273.124, 273.13, 469.171, 469.1731, 297A.994, 16A.965, 297H.01, 428B.02, 126C.17, 477A.011, 477A.23, 477A.35, 477A.36, 477A.30, 469.176, 297A.993, 469.060, 473.756, 473.757, 473.759, 298.225, 298.227, 298.28, 126C.21, 294.26, 298.22, 298.282, 16A.726, 168E.09, 270B.14, 270B.15, 270C.07, 270C.08, 270C.085, 270C.56, 289A.40, 289A.60, 290.62, 295.75, 295.81, 383A.80, 383B.80, 289A.08, 290.0137, 273.032, 273.111, 123B.53, 123B.535, 270C.055, 290.0921, 290.0922, 295.52, 297B.03