summary
Introduced
01/23/2023
01/23/2023
In Committee
01/23/2023
01/23/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; individual income; establishing a public pension benefit subtraction; amending Minnesota Statutes 2022, sections 290.0132, by adding a subdivision; 290.091, subdivision 2.
AI Summary
This bill establishes a public pension benefit subtraction for individual income taxes in Minnesota. It allows taxpayers to subtract a portion of their public pension income from their taxable income, based on their provisional income level. The subtraction amount is calculated using a formula that considers the taxpayer's federal exclusion and a state-level maximum exclusion. The bill also updates the definition of alternative minimum taxable income to include the new public pension income subtraction. The provisions of this bill are effective for taxable years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
Author added Gustafson (on 02/01/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0496&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF496&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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