This bill amends Minnesota Statutes 2024, specifically section 290.0121, to double the dependent exemption amount for taxpayers. The current exemption amount of $4,250 is increased to $10,400, which will apply to the number of dependents a taxpayer claims for the taxable year. Additionally, the bill establishes that this change will take effect for taxable years beginning after December 31, 2024.

Furthermore, the bill modifies the inflation adjustment provisions in subdivision 3 of the same section. The statutory year for inflation adjustments will change from 2019 to 2025, ensuring that the exemption amount and threshold amounts are adjusted for inflation starting from that year. This adjustment will also take effect for taxable years beginning after December 31, 2025.

Statutes affected:
Introduction: 290.0121