Governor Signs Tax Bill to Correct MN Standard Deduction Amounts

This week on February 26, 2024, Governor Tim Walz signed HF 2757, which “adjusts” the 2023 standard deduction to the proper inflation adjusted amount, correcting a drafting error in legislation passed last year. Taxpayers do not need to act, as the Minnesota Department of Revenue has been using the correct amounts on its forms. There is no impact from the new law on 2023 tax returns already filed or yet to be filed.
For more information, refer to the Governor’s Press Release.