Minnesota bill expands individual income tax subtraction for military retirement pay.
The bill amends Minnesota Statutes to expand the subtraction for military retirement pay in individual income tax calculations. It specifies that only certain amounts of military retirement pay can be subtracted, including compensation computed under specific sections of the United States Code and certain federal and civil service retirement pensions. The subtraction is limited to individuals who do not claim a credit under a specified section. The changes take effect for taxable years beginning after December 31, 2024.
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