MN SF2405

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

Increases additional standard deduction amounts for seniors and blind taxpayers retroactively for taxable years beginning after December 31, 2022: from $1,300 to $1,450 for most taxpayers and from $1,650 to $1,850 for unmarried seniors or blind taxpayers.

Increases the standard deduction limit for dependents retroactively from $1,100 to $1,200 for taxable years beginning after December 31, 2022.

Modifies statewide local housing aid definitions effective for aids payable in calendar year 2024 and thereafter, including clarifying cost-burdened household definitions and adding eligible Tribal Nations to the program with application procedures and payment timelines.

Authorizes Beltrami County to impose a five-eighths of one percent sales and use tax (approved by voters on November 7, 2023) to finance up to $80,000,000 in costs for constructing a new county jail, with bonds allowed for up to 30 years.