Minnesota HF756 doubles the dependent exemption for individual income tax purposes.

Minnesota HF756 amends the state's individual income tax law to double the dependent exemption amount. The bill adjusts the exemption amount for inflation and sets it at $10,400 for taxable years beginning after December 31, 2024. This change affects taxpayers claiming dependents, potentially reducing their taxable income and, consequently, their tax liability.

Minnesota HF756 doubles the dependent exemption for individual income tax purposes.

Minnesota HF756 amends the state's individual income tax law to double the dependent exemption amount. The bill adjusts the exemption amount for inflation and sets it at $10,400 for taxable years beginning after December 31, 2024. This change affects taxpayers claiming dependents, potentially reducing their taxable income and, consequently, their tax liability.