Bill > SF2997

This bill makes numerous modifications to Minnesota's tax provisions across several categories, including individual income taxes, corporate franchise taxes, sales and use taxes, and other miscellaneous tax-related areas. The bill introduces changes affecting various aspects of taxation, such as pass-through entity taxes, Social Security benefits subtraction, dependent exemptions, property tax classifications, tax preparer standards, and several tax credits. Key provisions include expanding the pass-through entity tax election, adjusting Social Security benefits subtraction calculations, modifying film production credits, updating sales tax collection rules for zip code designations, and establishing more stringent standards for tax preparers. The bill also includes technical corrections and adjustments to existing tax laws, with most provisions being retroactively effective for specific tax years. Effective dates vary by section, with some changes applying retroactively to tax years beginning after December 31, 2022, while others take effect for future tax years or immediately following the bill's final enactment.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2997&ssn=0&y=2025