The bill amends Minnesota Statutes 2024, section 290.0122, subdivision 2, to modify the itemized deduction for individual income tax by excluding certain charitable contributions. Specifically, it removes the deduction for charitable contributions under subdivision 4 from the list of allowable itemized deductions. This change is part of a broader adjustment to the itemized deductions for taxpayers with adjusted gross incomes over specified thresholds, which are also subject to inflation adjustments starting in taxable years after December 31, 2023.

Additionally, the bill establishes that the adjustments to the income thresholds for itemized deductions will be rounded down to the nearest $50 and specifies that the threshold for married individuals filing separately will be half of that for those filing jointly. The effective date for these changes is set for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0122