Minnesota SF4650 establishes a subtraction for income earned by senior taxpayers.

Minnesota SF4650 amends the state's individual income tax law by adding a subtraction for income earned by senior taxpayers. This subtraction applies to taxpayers who are 65 years old or older during the taxable year. For married couples filing jointly, the subtraction applies if either spouse reaches the age of 65 or older. The subtraction is effective for taxable years beginning after December 31, 2025.

Minnesota SF4650 establishes a subtraction for income earned by senior taxpayers.

Minnesota SF4650 amends the state's individual income tax law by adding a subtraction for income earned by senior taxpayers. This subtraction applies to taxpayers who are 65 years old or older during the taxable year. For married couples filing jointly, the subtraction applies if either spouse reaches the age of 65 or older. The subtraction is effective for taxable years beginning after December 31, 2025.