Minnesota SF3405 modifies the expiration date of the pass-through entity tax.

Minnesota SF3405 amends the expiration of the pass-through entity tax by aligning it with the expiration of section 164(b)(6)(B) of the Internal Revenue Code for taxable years beginning after December 31, 2027. The bill defines "qualifying entity" and "qualifying owner" and specifies the conditions under which a pass-through entity tax is imposed. It also outlines the process for claiming credits and making elections related to the tax. The changes are effective the day following final enactment.

Minnesota SF3405 modifies the expiration date of the pass-through entity tax.

Minnesota SF3405 amends the expiration of the pass-through entity tax by aligning it with the expiration of section 164(b)(6)(B) of the Internal Revenue Code for taxable years beginning after December 31, 2027. The bill defines "qualifying entity" and "qualifying owner" and specifies the conditions under which a pass-through entity tax is imposed. It also outlines the process for claiming credits and making elections related to the tax. The changes are effective the day following final enactment.