Minnesota bill SF2263 amends income tax laws to subtract overtime pay, tips, bonuses, and gambling winnings from taxable income.
Minnesota bill SF2263 amends the state's income tax statutes to introduce subtractions for certain types of income. Specifically, it adds provisions to allow deductions for overtime pay, tips, bonuses, and winnings from nonprofit lawful gambling organizations. Additionally, it modifies withholding requirements, exempting tip income from withholding. These changes are set to take effect for taxable years beginning after December 31, 2024.
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