Various policy and technical changes made to individual and corporate franchise taxes and property taxes, obsolete JOBZ provisions removed, and miscellaneous tax provisions modified.

This bill modifies Minnesota's individual and corporate franchise taxes by updating how nonresident partners, shareholders, and beneficiaries of estates or trusts can file composite tax returns. It allows these entities to elect a simplified filing method where the partnership or corporation calculates and pays the tax on their behalf, provided they have no other Minnesota-source income. The legislation also clarifies definitions of net income for trusts, estates, and corporations and removes outdated provisions related to the JOBZ program. These changes will take effect for taxable years beginning after December 31, 2025.