Individual income and corporate franchise taxes; federal changes to bonus depreciation conformed.

This bill updates Minnesota's tax code to align with recent federal changes regarding bonus depreciation for business property. It directly affects individual income and corporate franchise taxpayers by incorporating federal provisions that allow for full expensing of certain business assets. The legislation amends state statutes to include specific federal law sections and ensures that Minnesota's tax rules remain synchronized with federal tax policies. Changes take effect immediately upon enactment, with retroactive application matching the timing of the corresponding federal rules.