Individual income and corporate franchise taxes; federal changes to section 179 expensing conformed.

This bill updates Minnesota's individual income and corporate franchise tax laws to align with recent federal changes to Section 179 expensing. It amends the state's tax code to include specific federal provisions related to Section 179, which allows businesses to deduct the full purchase price of qualifying equipment and software investments in the year they are placed in service. The changes apply retroactively to match the effective date of the corresponding federal law, ensuring Minnesota taxpayers follow the same rules as federal law. This update primarily affects Minnesota businesses and individuals subject to state income taxes who claim Section 179 deductions.