MN SF854

Allows Minnesota taxpayers a subtraction for health insurance premiums paid during the taxable year as defined in Internal Revenue Code section 213(d)(1)(D), excluding amounts used to compute the federal health insurance credit.

Excludes any amounts already used in computing the credit under Minnesota Statutes section 290.0672 from the health insurance premium subtraction.

Modifies Minnesota's alternative minimum tax calculation to include health insurance premium subtractions under section 290.0132, subdivisions 7, 9 to 15, 17, 21, 24, and 26 to 31 in the deductions allowed.

Applies the health insurance premium subtraction to taxable years beginning after December 31, 2022.

Changes the tentative minimum tax calculation to apply a 6.75 percent rate to alternative minimum taxable income after subtracting exemption amounts.