The legislative bill, HF No. 192, proposes to modify the current taxation laws in Minnesota by doubling the exemption amount that taxpayers can claim for each of their dependents. Previously set at $4,250, the new dependent exemption would increase to $10,400. This bill, if passed, would mean taxpayers could reduce their taxable income by a larger amount for each dependent, potentially decreasing the amount of taxes they owe to the state. This change is intended for implementation in the tax codes for the year specified in Minnesota Statutes 2024. The bill has been introduced and referred to the Committee on Taxes for further deliberation.