Shareholder limit increase for entity-owned agricultural property

This bill increases the maximum number of shareholders, members, or partners allowed in agricultural entities (like family farm corporations, LLCs, or partnerships) that qualify for special homestead tax treatment from 12 to 20 people. It directly affects farm businesses structured as these entities that seek reduced property tax rates (class 1b or 2a) for properties where a qualifying owner resides and farms the land. The key provision amends Minnesota Statutes section 273.124 to raise this shareholder limit, allowing larger family-owned agricultural operations to maintain eligibility for the tax benefits. The change takes effect for homestead applications in 2025 and beyond.