Internal Revenue Code conformed to the federal exclusion from gross income for employer student loan payments.

This bill updates Minnesota's tax code to align with a recent federal change that excludes employer-paid student loan payments from employees' gross income. It directly affects Minnesota residents whose employers pay their student loans, ensuring their state tax treatment matches federal rules. The legislation amends Minnesota Statutes section 290.01 to explicitly include the federal exclusion for employer student loan payments in the definition of the Internal Revenue Code. Changes made by this bill take effect the day after final enactment, with retroactive application to match the timing of the corresponding federal law changes.