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 deduct charitable contributions when calculating 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, including specific thresholds and percentages for taxpayers with higher incomes. It also mandates that the adjusted gross income amounts be adjusted for inflation starting from taxable years after December 31, 2023, with the effective date for these changes set for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0122