House Tax Committee hears overview of federal 'OBAA' conformity and shows $388M biennial cost estimate House Research and House Fiscal told the House Tax Committee that mechanically conforming Minnesota law to major federal changes in the 'One Big Beautiful Act' (OBAA) would reduce the general fund by an estimated $387.99 million in fiscal 2026–27, with a later estimated net revenue gain of about $89.82 million; members raised questions about R&D expensing, childcare credits and long-term effects.

Minnesota's House Tax Committee is facing a potential $388 million budget impact as they consider conforming state law to the sweeping changes of the federal "One Big Beautiful Act"!

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