This bill amends Minnesota Statutes 2024, specifically section 290.0121, to double the dependent exemption amount for taxpayers. The exemption amount is increased from $4,250 to $10,400 per dependent, which will take effect for taxable years beginning after December 31, 2024. Additionally, the bill includes provisions for adjusting the exemption amount for inflation starting from taxable years after December 31, 2025, with the adjustment being based on the nearest $50 amount.

Furthermore, the bill modifies the inflation adjustment provisions by changing the statutory year from 2019 to 2025 for the purpose of calculating future adjustments. The adjustments will apply to both the exemption amount and the threshold amounts for dependents, ensuring that the tax benefits keep pace with inflation. The changes aim to provide greater financial relief to taxpayers with dependents in Minnesota.

Statutes affected:
Introduction: 290.0121