Minnesota HF4713 allows a subtraction for certain medals and prizes in computing state income tax.

Minnesota HF4713 amends state tax law to allow a subtraction for the value of medals and prize money received from the United States Olympic Committee for competition in the Olympic Games or Paralympic Games. This subtraction applies to the computation of state income tax, specifically in determining federal alternative minimum taxable income. The change is effective for taxable years beginning after December 31, 2025.

Minnesota HF4713 allows a subtraction for certain medals and prizes in computing state income tax.

Minnesota HF4713 amends state tax law to allow a subtraction for the value of medals and prize money received from the United States Olympic Committee for competition in the Olympic Games or Paralympic Games. This subtraction applies to the computation of state income tax, specifically in determining federal alternative minimum taxable income. The change is effective for taxable years beginning after December 31, 2025.