Individual income and corporate franchise taxes; federal changes to the deduction for business interest conformed.

This bill updates Minnesota's tax laws to align with recent federal changes regarding the deduction for business interest expenses. It directly affects Minnesota businesses and individual taxpayers by modifying how state tax calculations reference federal tax code provisions. The legislation amends Minnesota Statutes section 290.01 to include specific federal public law sections related to business interest deductions and clarifies that these changes apply retroactively to match federal effective dates.