HF2757 Summary

• Increases standard deduction amounts for Minnesota income tax: married joint filers/surviving spouses to $27,650 (from $24,400), head of household filers to $20,800 (from $18,350), and other filers to one-half the married amount, effective retroactively for taxable years beginning after December 31, 2022

• Increases additional deduction amounts for seniors and blind taxpayers: $1,450 for married filers (from $1,300) and $1,850 for unmarried filers (from $1,650), effective retroactively for taxable years beginning after December 31, 2022

• Increases standard deduction for dependents to $1,200 (from $1,100) and modifies the calculation for dependent deductions, effective retroactively for taxable years beginning after December 31, 2022

• Modifies statewide local housing aid definitions and administration procedures, including establishing a $1,250,000 account for eligible Tribal Nations beginning with aids payable in 2024 and requiring annual reporting and compliance documentation from aid recipients

• Authorizes Beltrami County to impose a 5/8 percent sales and use tax (if voter-approved on November 7, 2023) to finance up to $80,000,000 for construction of a new county jail, with tax expiring after 30 years or when project costs are paid