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MN SF2263
Bill
Status
3/6/2025
Primary Sponsor
Eric Lucero
Click for details
AI Summary
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Overtime pay earned for hours worked beyond the maximum workweek under state or federal law can be subtracted from Minnesota taxable income
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Tip income reported to employers or the IRS becomes fully deductible from state income taxes, and employers are no longer required to withhold state taxes on tips
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Bonus pay classified as supplemental wages under federal regulations can be subtracted from taxable income
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Winnings and prizes from lawful gambling organizations licensed under Minnesota Chapter 349 (nonprofit gambling) are exempt from state income tax
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All provisions apply to taxable years beginning after December 31, 2024
Legislative Description
Income tax subtractions for overtime pay, tips income, bonuses, and winnings from nonprofit lawful gambling organizations establishment
Last Action
Referred to Taxes
3/6/2025