Market value exclusions for certain railroad property establishment; calculation of net present value of anticipated future income for state-assessed property modification

This bill creates three new property tax exclusions for qualifying railroad improvements in Minnesota. It directly affects railroad companies that make eligible upgrades to their infrastructure, including public transit connections, safety enhancements (like rail replacement or bridge repairs), or environmental improvements (such as reducing locomotive emissions). To qualify, improvements must have been made after 2016, require annual applications by December 31, and be applied proportionately across all railroad property in the state. The exclusions reduce the taxable value of qualifying property, with retroactive application for 2024 assessments and effective for 2025 taxes.