MN SF2469

Adds charitable contributions to the list of itemized deductions excluded from Minnesota's high-income deduction limitation, joining investment interest, medical expenses, and casualty losses

High-income taxpayers with adjusted gross income over $220,650 currently face reductions of 3-10% on most itemized deductions, capped at 80% reduction

Taxpayers with adjusted gross income over $1,000,000 have their itemized deductions reduced by 80%, but charitable contributions would now be exempt from this reduction

Effective for taxable years beginning after December 31, 2024

Amends Minnesota Statutes 2024, section 290.0122, subdivision 2