| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; individual income; doubling the dependent exemption; |
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| 3 | 3 | | 1.3 amending Minnesota Statutes 2024, section 290.0121, subdivisions 1, 3. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. Minnesota Statutes 2024, section 290.0121, subdivision 1, is amended to read: |
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| 6 | 6 | | 1.6 Subdivision 1.Exemption amount.(a) A taxpayer's dependent exemption equals: |
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| 7 | 7 | | 1.7 (1) the exemption amount multiplied by the number of individuals who are dependents, |
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| 8 | 8 | | 1.8as defined in sections 151 and 152 of the Internal Revenue Code, of the taxpayer for the |
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| 9 | 9 | | 1.9taxable year; minus |
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| 10 | 10 | | 1.10 (2) the disallowed exemption amount under subdivision 2, but the remainder may not |
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| 11 | 11 | | 1.11be less than zero. |
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| 12 | 12 | | 1.12 (b) The exemption amount equals $4,250 $10,400. |
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| 13 | 13 | | 1.13 EFFECTIVE DATE.This section is effective for taxable years beginning after December |
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| 14 | 14 | | 1.1431, 2024. |
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| 15 | 15 | | 1.15 Sec. 2. Minnesota Statutes 2024, section 290.0121, subdivision 3, is amended to read: |
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| 16 | 16 | | 1.16 Subd. 3.Inflation adjustment.For taxable years beginning after December 31, 2019, |
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| 17 | 17 | | 1.17the commissioner must adjust for inflation the exemption amount in subdivision 1, paragraph |
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| 18 | 18 | | 1.18(b), and the threshold amounts in subdivision 2, as provided in section 270C.22. The statutory |
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| 19 | 19 | | 1.19year is taxable year 2019 2025. The amounts as adjusted must be rounded down to the |
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| 20 | 20 | | 1.20nearest $50 amount. The threshold amount for married individuals filing separate returns |
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| 21 | 21 | | 1.21must be one-half of the adjusted amount for married individuals filing joint returns. |
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| 22 | 22 | | 1Sec. 2. |
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| 23 | 23 | | REVISOR EAP/CH 25-0344202/07/25 |
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| 24 | 24 | | State of Minnesota |
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| 25 | 25 | | This Document can be made available |
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| 26 | 26 | | in alternative formats upon request |
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| 27 | 27 | | HOUSE OF REPRESENTATIVES |
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| 28 | 28 | | H. F. No. 756 |
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| 29 | 29 | | NINETY-FOURTH SESSION |
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| 30 | 30 | | Authored by Robbins02/13/2025 |
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| 31 | 31 | | The bill was read for the first time and referred to the Committee on Taxes 2.1 EFFECTIVE DATE.This section is effective for taxable years beginning after December |
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| 32 | 32 | | 2.231, 2025. |
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| 33 | 33 | | 2Sec. 2. |
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| 34 | 34 | | REVISOR EAP/CH 25-0344202/07/25 |
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