Expiration of the pass-through entity tax modified.

HF 3127 modifies Minnesota's pass-through entity tax election process, allowing certain businesses (like partnerships and S corporations) to file a single tax return instead of requiring each owner to file individually. It specifies that qualifying entities must meet ownership thresholds (over 50% of qualifying owners) to elect this tax, and the election is irrevocable for the tax year. The bill clarifies that the tax amount equals each qualifying owner's income multiplied by Minnesota's highest individual tax rate, without allowing standard deductions. This directly affects pass-through business owners and entities filing under Minnesota Statutes 289A.08 and 290.06. The changes streamline tax filing for these entities while maintaining the tax calculation method.