Minnesota SF722 amends state tax law to allow a subtraction for health insurance premiums.

Minnesota SF722 introduces a subtraction for health insurance premiums in the state's individual income tax law. This bill amends Minnesota Statutes 2024, sections 290.0132 and 290.091, by adding a new subdivision to allow taxpayers to subtract the amount paid for health insurance premiums from their taxable income. The subtraction is effective for taxable years beginning after December 31, 2024. This change aims to reduce the taxable income of individuals by the amount they spend on health insurance premiums, potentially lowering their state tax liability.

Minnesota SF722 amends state tax law to allow a subtraction for health insurance premiums.

Minnesota SF722 introduces a subtraction for health insurance premiums in the state's individual income tax law. This bill amends Minnesota Statutes 2024, sections 290.0132 and 290.091, by adding a new subdivision to allow taxpayers to subtract the amount paid for health insurance premiums from their taxable income. The subtraction is effective for taxable years beginning after December 31, 2024. This change aims to reduce the taxable income of individuals by the amount they spend on health insurance premiums, potentially lowering their state tax liability.