Minnesota HF316 allows a limited subtraction for income from retirement savings plans for individual income tax purposes.

Minnesota HF316 amends the state's individual income tax law to permit a limited subtraction for income received from a retirement savings plan. This subtraction is limited to $12,000 for married taxpayers filing jointly or surviving spouses, and $6,000 for all other filers. The subtraction is reduced by 20 percent of adjusted gross income over $32,000 and is not available to those who claim other specified subtractions. The bill defines "retirement savings plan" broadly to include various types of employer-offered retirement plans and accounts.

Minnesota HF316 allows a limited subtraction for income from retirement savings plans for individual income tax purposes.

Minnesota HF316 amends the state's individual income tax law to permit a limited subtraction for income received from a retirement savings plan. This subtraction is limited to $12,000 for married taxpayers filing jointly or surviving spouses, and $6,000 for all other filers. The subtraction is reduced by 20 percent of adjusted gross income over $32,000 and is not available to those who claim other specified subtractions. The bill defines "retirement savings plan" broadly to include various types of employer-offered retirement plans and accounts.