Minnesota HF3815 amends state tax law to conform to federal changes in the business interest deduction.
Minnesota HF3815 modifies state tax law to align with recent federal changes regarding the deduction for business interest. This bill updates Minnesota Statutes 2024, section 290.01, subdivision 31, to reflect the Internal Revenue Code of 1986, as amended through May 1, 2023, including specific sections 70303, 70341, and 70342 of Public Law 119-21. The changes are effective retroactively at the same time they were effective for federal purposes.
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