Minnesota Governor Signs Law Modifying Provisions Relating to Sales, Property, Income Tax

The Minnesota Governor May 24 signed a law modifying provisions related to sales and use, property, corporate income, trust income, and individual income tax. The law includes measures: 1) modifying and establishing various income tax credits; 2) modifying existing sales tax exemptions and authorizing new sales tax exemptions; 3) modifying property tax exemptions and refunds; 4) converting a renter’s property tax refund into a refundable individual income tax credit; and 5) providing for a net investment income tax provision. The law has multiple effective dates. [H.F. 1938, enacted 05/24/23]

Reference: View Bill. View Legislative Information.