HF756 (Legislative Session 94 (2025-2026))
Dependent exemption doubled.
AI Generated Summary
This bill proposes to double the amount of money that taxpayers in Minnesota can deduct from their taxable income for each dependent they have. Currently, each dependent allows a taxpayer to deduct $4,250, but under this new bill, the amount would increase to $10,400 per dependent. This change aims to reduce the tax burden on families by increasing the dependent exemption.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 12, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| February 18, 2025 | House | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"A new exemption amount of 10400."
],
"removed": [
"Previous exemption amount of 4250."
],
"summary": "This bill amends the individual income tax dependent exemption under section 290.0121.",
"modified": []
},
"citation": "290.0121"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "References defining dependents for tax purposes as per the Internal Revenue Code sections 151 and 152.",
"modified": []
},
"citation": "151 and 152 of the Internal Revenue Code"
}
]