Minnesota HF172 reduces charitable gambling tax rates and adjusts tax brackets for combined net receipts.

Minnesota HF172 amends the charitable gambling tax structure by reducing tax rates and adjusting the brackets for the combined net receipts tax. The tax rates are lowered, and the brackets are modified to reflect these changes. Additionally, the bill exempts gross receipts derived from sports-themed tipboards from taxation. This exemption applies to tipboards where winning numbers are determined by the numerical outcome of a professional sporting event. The changes will take effect on July 1, 2025.

Minnesota HF172 reduces charitable gambling tax rates and adjusts tax brackets for combined net receipts.

Minnesota HF172 amends the charitable gambling tax structure by reducing tax rates and adjusting the brackets for the combined net receipts tax. The tax rates are lowered, and the brackets are modified to reflect these changes. Additionally, the bill exempts gross receipts derived from sports-themed tipboards from taxation. This exemption applies to tipboards where winning numbers are determined by the numerical outcome of a professional sporting event. The changes will take effect on July 1, 2025.