Overtime pay income tax subtraction provision

This bill adds a new tax subtraction for overtime pay in Minnesota's individual income tax code. It allows workers to subtract overtime earnings (wages, salaries, tips, or other compensation for hours over 40 in a workweek) from their taxable income. The provision directly affects Minnesota residents who earn overtime pay under state or federal wage laws. It becomes effective for tax years starting after December 31, 2024, reducing the taxable income for qualifying workers.