Minnesota SF211 amends state tax law to allow a subtraction for federal foreign service pension income.

Minnesota SF211 amends state tax law to introduce a subtraction for federal foreign service pension income. This subtraction applies to compensation received from the federal government for foreign service, calculated as a product of the compensation amount and the ratio of years of foreign service to total civil service years. The bill also updates definitions and provisions related to alternative minimum taxable income and other tax adjustments. This change is effective for taxable years beginning after December 31, 2024.

Minnesota SF211 amends state tax law to allow a subtraction for federal foreign service pension income.

Minnesota SF211 amends state tax law to introduce a subtraction for federal foreign service pension income. This subtraction applies to compensation received from the federal government for foreign service, calculated as a product of the compensation amount and the ratio of years of foreign service to total civil service years. The bill also updates definitions and provisions related to alternative minimum taxable income and other tax adjustments. This change is effective for taxable years beginning after December 31, 2024.