Individual income and corporate franchise taxes; federal changes to expensing research expenditures conformed.

This bill updates Minnesota's tax laws to align with recent federal changes regarding how businesses can deduct research and development expenses. It directly affects Minnesota businesses by allowing them to claim these deductions under state law in the same way they are treated under federal rules. The legislation amends existing tax statutes to include specific federal provisions about expensing research expenditures and ensures the state's rules match federal timelines for these changes.