Taxes provisions modification

This bill modifies Minnesota's tax code to introduce a pass-through entity tax option for certain businesses. Specifically, it allows qualifying partnerships, S corporations, and limited liability companies to elect to pay tax at the entity level instead of having owners report income individually. Businesses making this election must meet ownership requirements (over 50% of qualifying owners must consent), and the tax rate is based on the highest individual income tax rate. The provision applies to taxable years beginning after December 31, 2020, and affects how business income is taxed for eligible entities.