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

Summary

HF 5063 changes Minnesota tax law by permitting partnerships with nonresident partners to file a single composite return on their behalf, provided the partners have no other Minnesota source income. It also revises how "net income" is defined for trusts, estates, corporations and individuals to align with federal taxable income definitions. The measure removes outdated JOBZ provisions and updates a range of other tax statutes.

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