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Bill > HF2181
MN HF2181
MN HF2181Individual income tax provisions modified, and public pension benefit subtraction established.
summary
Introduced
02/27/2023
02/27/2023
In Committee
02/27/2023
02/27/2023
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, subdivision 26, by adding a subdivision; 290.091, subdivision 2, as amended.
AI Summary
This bill makes several changes to individual income tax provisions in Minnesota. It establishes a public pension benefit subtraction, where taxpayers can subtract a portion of their public pension income from their taxable income. The amount of the subtraction depends on the taxpayer's provisional income, with higher-income taxpayers receiving a smaller subtraction. The bill also modifies the existing subtraction for Social Security benefits, removing the income thresholds and maximum subtraction amounts. Additionally, the bill updates the definition of "alternative minimum taxable income" to include the new public pension benefit subtraction.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduction and first reading, referred to Taxes (on 02/27/2023)
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=House&f=HF2181&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF2181&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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