Subtraction provision for health insurance premiums

SF 722 allows Minnesota individual income taxpayers to subtract health insurance premiums from their taxable income. The bill adds a new provision (Minnesota Statutes 290.0132, subdivision 36) specifying that premiums paid for health insurance - defined under federal law - can be deducted, excluding amounts used for other tax credits. This directly affects Minnesota residents who purchase health insurance individually or through their employers, reducing their taxable income for state tax purposes. The change takes effect for tax years beginning after December 31, 2024.