HF 3815

Introduction - 94th Legislature (2025 - 2026)

Posted on 04/07/2026 04:19 p.m.

A bill for an act
relating to taxation; individual income and corporate franchise taxes; conforming
to federal changes to the deduction for business interest; amending Minnesota
Statutes 2024, section 290.01, subdivision 31.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2024, section 290.01, subdivision 31, is amended to read:

Subd. 31.

Internal Revenue Code.

Unless specifically defined otherwise, "Internal
Revenue Code" means the Internal Revenue Code of 1986, as amended through May 1,
2023 new text begin , except it also includes sections 70303, 70341, and 70342 of Public Law 119-21,
relating to business interest new text end . Internal Revenue Code also includes any uncodified provision
in federal law that relates to provisions of the Internal Revenue Code that are incorporated
into Minnesota law.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment, except
the changes incorporated by federal changes are effective retroactively at the same time the
changes were effective for federal purposes.
new text end