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MN HF3815

Bill

Official Source

Status

Introduced

3/2/2026

Primary Sponsor

Patti Anderson

Click for details

Origin

House of Representatives

94th Legislature 2025-2026

AI Summary

  • Amends Minnesota Statutes section 290.01, subdivision 31 to update the state's definition of "Internal Revenue Code" to incorporate federal changes to the business interest deduction
  • Specifically adopts sections 70303, 70341, and 70342 of Public Law 119-21 relating to business interest, while otherwise maintaining conformity with federal code as amended through May 1, 2023
  • Effective the day following final enactment, with federal conformity changes applying retroactively to match their federal effective dates
  • Affects both individual income taxes and corporate franchise taxes in Minnesota

Legislative Description

Individual income and corporate franchise taxes; federal changes to the deduction for business interest conformed.

Last Action

Author added Allen

3/5/2026

Committee Referrals

Taxes3/2/2026

Full Bill Text

No bill text available