Minnesota SF326 allows a subtraction for certain expenditures for medical care and health insurance in individual income tax calculations.

Minnesota SF326 amends the state's income tax law to allow a subtraction for certain expenditures for medical care and health insurance. This subtraction applies to amounts paid for services and goods that would qualify for a federal Medicaid match, as well as amounts paid for insurance. The subtraction does not include amounts compensated by insurance or paid by an employer under certain provisions of the Internal Revenue Code, nor does it include amounts used to compute a specific credit. This change is effective for taxable years beginning after December 31, 2024.

Minnesota SF326 allows a subtraction for certain expenditures for medical care and health insurance in individual income tax calculations.

Minnesota SF326 amends the state's income tax law to allow a subtraction for certain expenditures for medical care and health insurance. This subtraction applies to amounts paid for services and goods that would qualify for a federal Medicaid match, as well as amounts paid for insurance. The subtraction does not include amounts compensated by insurance or paid by an employer under certain provisions of the Internal Revenue Code, nor does it include amounts used to compute a specific credit. This change is effective for taxable years beginning after December 31, 2024.