This bill proposes amendments to Minnesota's tax laws, specifically:

1. Increasing the State Agricultural Society’s Debt Limit: The bill raises the maximum outstanding debt that the State Agricultural Society can have from $30 million to $50 million. This allows the society to issue more bonds to finance its operations, including interest payments, credit enhancements, and other expenditures necessary to fulfill its purposes.

2. Sales Tax Exemption for Certain Construction Materials: The bill introduces a new subdivision to the Minnesota Statutes (§ 297A.70) to provide a sales tax exemption for specific construction materials. The exact details of the exemption are not specified in the provided excerpt.

Overall, the bill aims to provide greater financial flexibility to the State Agricultural Society and offer tax relief for certain construction projects.