SF4830

Purpose

• To create a Minnesota individual income tax subtraction for the value of medals and prize money received from the United States Olympic Committee (USOC) in connection with competition at the Olympic Games or Paralympic Games.

Main Provisions

• Adds a new subdivision (Subd. 40) to Minnesota Statutes 2024, section 290.0132, titled “Medals and prizes.”
• The value of any medal awarded in or any prize money received from the United States Olympic Committee on account of competition in the Olympic Games or Paralympic Games is a subtraction from Minnesota taxable income.

Significance / Changes to Existing Law

• Establishes an income subtraction specifically for Olympic and Paralympic medals and prize money sourced from the USOC.
• Alters the Minnesota income tax code by adding Subd. 40 to section 290.0132; no other changes to the statute are described in the excerpt.

Implementation Considerations

• Applies to medals and prize money tied to Olympic or Paralympic competition and awarded or received from the USOC.
• The subtraction reduces taxable income for Minnesota taxpayers who earn these medals or prize funds.

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Relevant Terms - subtraction - Minnesota individual income tax - Medals and prizes - United States Olympic Committee - Olympic Games - Paralympic Games - prize money - Minnesota Statutes 2024 section 290.0132 - Subd. 40