Minnesota HF916 amends individual income and corporate franchise taxes by allowing a subtraction for certain commercial loans issued by financial.

Minnesota HF916 modifies the state's tax code to provide a subtraction from income for certain commercial loans issued by financial institutions. Specifically, the bill allows a subtraction for loans up to $5,000,000 provided to individuals or entities in Minnesota for business or agricultural purposes. This amendment applies to financial institutions that are S corporations and is effective for taxable years beginning after December 31, 2024.

Minnesota HF916 amends individual income and corporate franchise taxes by allowing a subtraction for certain commercial loans issued by financial.

Minnesota HF916 modifies the state's tax code to provide a subtraction from income for certain commercial loans issued by financial institutions. Specifically, the bill allows a subtraction for loans up to $5,000,000 provided to individuals or entities in Minnesota for business or agricultural purposes. This amendment applies to financial institutions that are S corporations and is effective for taxable years beginning after December 31, 2024.