S.F. No. 4091 - Tax Provisions Bill Summary

• Modifies individual income and corporate franchise tax provisions, including changes to film production credits, Social Security benefit deductions, qualified pension income limits, and delayed business interest deductions

• Clarifies marketplace provider liability for sales and use tax collection, relieving marketplace providers of liability when sellers provide incorrect information, effective after June 30, 2024

• Adjusts property tax classifications for homestead properties, including changes to Class 1a rates ($500,000 at 1%, excess at 1.25%) and adds new Class 1d for seasonal farm worker housing, effective for assessment year 2025

• Modifies local government housing aid administration requirements, including mandatory reporting to Minnesota Housing Finance Agency by December 1 annually and repayment provisions for unspent funds

• Makes various technical changes to tax preparer penalties, qualified heir return requirements, lawful gambling audit standards, and extends film production tax credit expiration to January 1, 2031