HF 1611

This bill amends Minnesota's tax code to add Nuclear Decommissioning Reserve Funds to the list of entities exempt from state income taxation, treating them the same as government entities and insurance companies. These funds, which are established under federal tax law (Section 468A of the Internal Revenue Code) to pay for the eventual shutdown and cleanup of nuclear power plants, would no longer be subject to Minnesota state income tax on their investment earnings. The exemption would apply retroactively to tax years beginning after December 31, 2022, potentially providing tax relief that helps ensure adequate funding is available for the safe decommissioning of nuclear facilities when they cease operations.