HF4713

Income tax subtraction for medals and prizes provided.
Legislative Session 94 (2025-2026)

Related bill: SF4830

AI Generated Summary

Purpose

This bill creates a tax subtraction for the value of medals and prize money awarded to individuals by the United States Olympic Committee for competition in the Olympic Games or the Paralympic Games. In other words, the value of those medals or prize money would be excluded from Minnesota individual income to reduce taxable income.

Main Provisions

Adds a new Subd. 40, named Medals and prizes, to Minnesota Statutes 2024 section 290.0132.
The subtraction applies to the value of any medal awarded or any prize money received from the United States Olympic Committee because of competition in the Olympic Games or Paralympic Games.
This amount is subtracted from income for Minnesota individual income tax purposes, reducing the amount of income that is taxed.
The bill also references a related change in the Minnesota Statutes 2025 Supplement (section 290.091 subdivision 2), indicating alignment with the updated code.

Significant Changes to Existing Law

Introduces a new subtraction (tax deduction) for medals and prize money tied to Olympic and Paralympic competition, changing how such awards are treated for Minnesota income tax purposes.
Adds the new Subd. 40 to the existing statute (290.0132) and ties the measure to the 2025 Supplement (290.091, subd. 2), signaling updates to contemporary tax law to accommodate this subtraction.

Terminology and Key Concepts (embedded terms)

subtraction (tax subtraction / deduction)
medals
prize money
United States Olympic Committee
Olympic Games
Paralympic Games
Minnesota Statutes 2024
section 290.0132
subdivision 40
Minnesota Statutes 2025 Supplement
section 290.091 subdivision 2
individual income tax

Relevant Terms - subtraction - medals - prize money - United States Olympic Committee - Olympic Games - Paralympic Games - Minnesota Statutes 2024 - 290.0132 - subdivision 40 - Minnesota Statutes 2025 Supplement - 290.091 - subdivision 2 - individual income tax

Bill text versions

Introduction PDF PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
March 25, 2026	House		Action	Introduction and first reading, referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [
        "Adds Subd.40 to Minnesota Statutes 2024 section 290.0132 to provide a subtraction for medals and prizes earned from Olympic/Paralympic competition."
      ],
      "removed": [],
      "summary": "Adds Subd.40 to Minnesota Statutes 2024 section 290.0132 to provide a subtraction from taxable income for the value of medals and prize money awarded for competition in the Olympic Games or Paralympic Games (from the United States Olympic Committee).",
      "modified": []
    },
    "citation": "290.0132",
    "subdivision": "Subd.40"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "References Minnesota Statutes 2025 Supplement section 290.091 subdivision 2, but the text provided does not describe amendments to that section.",
      "modified": []
    },
    "citation": "290.091",
    "subdivision": "subdivision 2"
  }
]

Progress through the legislative process

17%

In Committee