Minnesota HF1115 amends individual income tax by adding subtractions for overtime pay, tips income, bonuses, and winnings from nonprofit lawful.

Minnesota HF1115 amends the state's individual income tax laws by introducing new subtractions for certain types of income. Specifically, it adds subtractions for overtime pay, tips income, bonuses, and winnings from nonprofit lawful gambling organizations. Additionally, it exempts tip income from withholding requirements. The bill also modifies withholding provisions, including adjustments to withholding tables and rules for miscellaneous payroll periods. These changes are effective for taxable years beginning after December 31, 2024.

Minnesota HF1115 amends individual income tax by adding subtractions for overtime pay, tips income, bonuses, and winnings from nonprofit lawful.

Minnesota HF1115 amends the state's individual income tax laws by introducing new subtractions for certain types of income. Specifically, it adds subtractions for overtime pay, tips income, bonuses, and winnings from nonprofit lawful gambling organizations. Additionally, it exempts tip income from withholding requirements. The bill also modifies withholding provisions, including adjustments to withholding tables and rules for miscellaneous payroll periods. These changes are effective for taxable years beginning after December 31, 2024.