Income tax subtraction for medals and prizes provided.

This bill creates a new income tax subtraction for Minnesota residents who receive medals or prize money from the United States Olympic Committee for competing in the Olympic or Paralympic Games. The provision allows athletes to exclude the value of these awards from their state taxable income, beginning for tax years starting after December 31, 2025. The legislation amends existing Minnesota tax statutes to add this specific subtraction to the list of allowable deductions when calculating individual income tax liability.