Subtraction provision for overtime pay

This bill adds a tax deduction for overtime pay in Minnesota's individual income tax code. It allows taxpayers to subtract the amount of overtime pay they earned from their taxable income, directly affecting Minnesota residents who receive overtime compensation. The deduction covers wages, salaries, tips, and other compensation for hours worked beyond standard limits under state or federal law. The change takes effect for tax years beginning after December 31, 2024. This is a straightforward tax policy adjustment with no new requirements or program funding.