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MN SF4653

Bill

Official Source

Status

Introduced

3/7/2024

Primary Sponsor

Ann Rest

Click for details

Origin

Senate

93rd Legislature 2023-2024

AI Summary

  • Excludes charitable contributions from itemized deductions subject to reduction for high-income taxpayers earning over $220,650
  • Applies existing itemized deduction reduction thresholds: 3% of income above $220,650 up to $304,970, plus 10% above $304,970, limited to 80% of deductions
  • Increases reduction to 80% of all itemized deductions for taxpayers with adjusted gross income over $1,000,000
  • Requires the commissioner to adjust income thresholds annually for inflation beginning in taxable year 2024, rounded down to nearest $50
  • Effective for taxable years beginning after December 31, 2023

Legislative Description

Itemized deduction modification to exclude certain charitable contributions

Last Action

Referred to Taxes

3/7/2024

Committee Referrals

Taxes3/7/2024

Full Bill Text

No bill text available