HF 3425

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/14/2022 01:58pm

A bill for an act
relating to taxation; individual income; allowing a subtraction for overtime pay;
amending Minnesota Statutes 2020, section 290.0132, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 290.0132, is amended by adding a subdivision
to read:

new text begin Subd. 31. new text end

new text begin Overtime pay. new text end

new text begin (a) The amount of overtime pay is a subtraction.
new text end

new text begin (b) For the purposes of this subdivision, "overtime pay" means wages, salaries, tips, and
other employee compensation earned for hours worked in any workweek in excess of the
maximum workweek applicable to the employee under chapter 177 or United States Code,
title 29, section 207.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2022.
new text end