Minnesota SF2469 modifies the itemized deduction for certain charitable contributions for individual income tax.

Minnesota SF2469 amends the state's tax code to modify the itemized deduction for certain charitable contributions. For taxpayers with adjusted gross income over $220,650, the deduction is reduced by the lesser of three percent of the excess of the taxpayer's adjusted gross income over $220,650 but not over $304,970, plus ten percent of the taxpayer's adjusted gross income over $304,970, or 80 percent of the amount of the taxpayer's itemized deductions. For taxpayers with adjusted gross income over $1,000,000, the deduction is reduced by 80 percent.

Minnesota SF2469 modifies the itemized deduction for certain charitable contributions for individual income tax.

Minnesota SF2469 amends the state's tax code to modify the itemized deduction for certain charitable contributions. For taxpayers with adjusted gross income over $220,650, the deduction is reduced by the lesser of three percent of the excess of the taxpayer's adjusted gross income over $220,650 but not over $304,970, plus ten percent of the taxpayer's adjusted gross income over $304,970, or 80 percent of the amount of the taxpayer's itemized deductions. For taxpayers with adjusted gross income over $1,000,000, the deduction is reduced by 80 percent.