Dependent exemption doubled.

HF 756 doubles Minnesota's dependent exemption for individual income tax, increasing the deduction from $4,250 to $10,400 per qualifying dependent. This directly affects Minnesota taxpayers who claim dependents (such as children or other qualifying relatives) on their state tax returns, reducing their taxable income. The bill amends Minnesota Statutes section 290.0121 to set the new exemption amount, effective for tax years beginning after December 31, 2024. Future inflation adjustments to this amount will continue to follow existing statutory procedures.