Tax provisions modified, and business exemptions provided.

This bill modifies Minnesota's corporate and individual income tax laws to provide temporary exemptions for businesses that received Paycheck Protection Program loans. Under the new rules, corporations and individual taxpayers who took out these loans will not have to pay state income tax starting in the year after their total tax payments match the total amount of their PPP loans. The exemption applies to all other businesses and individuals for tax years beginning after December 31, 2023, regardless of whether they received PPP funding. The legislation also defines how to calculate taxable business income and gives the state revenue commissioner authority to request necessary documentation to enforce these changes.