This bill amends Minnesota tax law to provide a subtraction for the value of medals and prize money awarded by the United States Olympic Committee for participation in the Olympic and Paralympic Games. Specifically, it adds a new subdivision to Minnesota Statutes 2024, section 290.0132, which states that the value of any medal or prize money received is exempt from taxation. This provision is set to take effect for taxable years beginning after December 31, 2025.

Additionally, the bill makes changes to Minnesota Statutes 2025 Supplement, section 290.091, subdivision 2, by updating the definition of "alternative minimum taxable income." It includes a deletion of the reference to subdivision 39 and replaces it with subdivision 40, which reflects the new subtraction for medals and prizes. This section also becomes effective for taxable years starting after December 31, 2025.

Statutes affected:
Introduction: 290.0132