The bill amends Minnesota Statutes 2024, section 290.0122, subdivision 2, to modify the itemized deductions for individual income tax. Specifically, it introduces a new provision that excludes the deduction for charitable contributions under subdivision 4 from the list of allowable itemized deductions. This change means that taxpayers will no longer be able to claim charitable contributions as part of their itemized deductions, which could impact their overall tax liability.

Additionally, the bill maintains existing provisions regarding the reduction of itemized deductions based on adjusted gross income, with specific thresholds set for different income levels. It also includes a requirement for the commissioner to adjust the income thresholds for inflation starting from taxable years after December 31, 2023. The effective date for these changes is set for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0122