1.1 A bill for an act
1.2 relating to taxation; individual income; providing a subtraction of income from
1.3 certain retirement plans; amending Minnesota Statutes 2024, section 290.0132,
1.4 by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2024, section 290.0132, is amended by adding a subdivision
1.7to read:
1.8 Subd. 36.Certain retirement benefits.The amount of qualified distributions received
1.9in a taxable year is a subtraction, subject to the limits in clauses (1) and (2). For purposes
1.10of this subdivision, "qualified distributions" means payments or distributions received in a
1.11taxable year by a Minnesota resident from a qualified retirement plan, as defined in section
1.12401 of the Internal Revenue Code, or from an individual retirement account established
1.13under section 408 of the Internal Revenue Code:
1.14 (1) for a married taxpayer filing a joint return, if both spouses are at least 65 years of
1.15age before the end of the taxable year, the subtraction equals the lesser of qualified
1.16distributions received, or $150,000; and
1.17 (2) for all other taxpayers who are at least 65 years of age before the end of the taxable
1.18year, the subtraction equals the lesser of qualified distributions received, or $75,000.
1.19 EFFECTIVE DATE.This section is effective for taxable years beginning after December
1.2031, 2024.
1Section 1.
REVISOR EAP/AC 25-0195401/22/25
State of Minnesota
This Document can be made available
in alternative formats upon request
HOUSE OF REPRESENTATIVES
H. F. No. 2268
NINETY-FOURTH SESSION
Authored by Joy, Knudsen and Davis03/12/2025
The bill was read for the first time and referred to the Committee on Taxes