Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF2012 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1.1 A bill for an act
2	2	1.2 relating to taxation; individual income; providing a subtraction of income from
3	3	1.3 certain retirement plans; amending Minnesota Statutes 2024, section 290.0132,
4	4	1.4 by adding a subdivision.
5	5	1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
6	6	1.6 Section 1. Minnesota Statutes 2024, section 290.0132, is amended by adding a subdivision
7	7	1.7to read:
8	8	1.8 Subd. 36.Certain retirement benefits.The amount of qualified distributions received
9	9	1.9in a taxable year is a subtraction, subject to the limits in clauses (1) and (2). For purposes
10	10	1.10of this subdivision, "qualified distributions" means payments or distributions received in a
11	11	1.11taxable year by a Minnesota resident from a qualified retirement plan, as defined in section
12	12	1.12401 of the Internal Revenue Code, or from an individual retirement account established
13	13	1.13under section 408 of the Internal Revenue Code:
14	14	1.14 (1) for a married taxpayer filing a joint return, if both spouses are at least 65 years of
15	15	1.15age before the end of the taxable year, the subtraction equals the lesser of qualified
16	16	1.16distributions received, or $150,000; and
17	17	1.17 (2) for all other taxpayers who are at least 65 years of age before the end of the taxable
18	18	1.18year, the subtraction equals the lesser of qualified distributions received, or $75,000.
19	19	1.19 EFFECTIVE DATE.This section is effective for taxable years beginning after December
20	20	1.2031, 2024.
21	21	1Section 1.
22	22	25-01954 as introduced01/22/25 REVISOR EAP/AC
23	23	SENATE
24	24	STATE OF MINNESOTA
25	25	S.F. No. 2012NINETY-FOURTH SESSION
26	26	(SENATE AUTHORS: RASMUSSON)
27	27	OFFICIAL STATUSD-PGDATE
28	28	Introduction and first reading02/27/2025
29	29	Referred to Taxes