SF2012
Certain retirement plans subtraction of income provision
Legislative Session 94 (2025-2026)
Related bill: HF2268
AI Generated Summary
This Minnesota Senate bill (S.F. No. 2012) proposes an amendment to Minnesota Statutes 2024, section 290.0132, to provide a state income tax subtraction for certain retirement benefits.
Key Provisions:
- Allows a tax subtraction for qualified retirement distributions for Minnesota residents.
- Applies to distributions from:
- Qualified retirement plans under IRC section 401.
- Individual retirement accounts (IRAs) under IRC section 408.
Subtraction Limits:
- Married taxpayers filing jointly (where both spouses are at least 65 by the end of the tax year) can subtract up to the lesser of their total qualified distributions or $150,000.
- All other taxpayers (who are at least 65 by the end of the tax year) can subtract up to the lesser of their qualified distributions or $75,000.
This bill aims to reduce the state income tax burden on retirees by exempting a portion of their retirement income from taxation.
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 27, 2025 | Senate | Action | Introduction and first reading | ||
| February 27, 2025 | Senate | Action | Referred to | Taxes |
Bill information comes from public records published by the Office of the Revisor of Statutes, the Minnesota House and the Minnesota Senate. AI summaries are written by MinneSlate and are not official. MinneSlate is independent and is not affiliated with the State of Minnesota or the Minnesota Legislature.
Progress through the legislative process
In Committee