Income tax subtraction for medals and prizes provided.

Summary

The bill adds a new subtraction to Minnesota individual income tax, allowing the value of any medal or prize money from the U.S. Olympic Committee to be deducted from taxable income. It applies to taxpayers who earn such awards and takes effect for tax years beginning after Dec. 31, 2025. The measure also updates the definition of alternative minimum taxable income to include the new subtraction.

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