Minnesota HF3997 establishes a subtraction for income earned by senior taxpayers.

Minnesota HF3997 amends state tax law to establish a subtraction for income earned by senior taxpayers. This subtraction applies to individual taxpayers who reach the age of 65 or older during the taxable year. For married couples filing jointly, the subtraction applies if either spouse turns 65 or older during the taxable year. The subtraction reduces the amount of income subject to state income tax for eligible taxpayers. This bill is effective for taxable years beginning after December 31, 2025.

Minnesota HF3997 establishes a subtraction for income earned by senior taxpayers.

Minnesota HF3997 amends state tax law to establish a subtraction for income earned by senior taxpayers. This subtraction applies to individual taxpayers who reach the age of 65 or older during the taxable year. For married couples filing jointly, the subtraction applies if either spouse turns 65 or older during the taxable year. The subtraction reduces the amount of income subject to state income tax for eligible taxpayers. This bill is effective for taxable years beginning after December 31, 2025.