Minnesota SF4903 establishes a subtraction for volunteer firefighter pension income in individual income tax.
Minnesota SF4903 amends the state's tax code to introduce a subtraction for volunteer firefighter pension income. This subtraction applies to annuity income or lump-sum payments from a public retirement plan based on service as a volunteer firefighter. The bill defines "volunteer firefighter" and "volunteer firefighter pension income" and specifies that the subtraction is effective for taxable years beginning after December 31, 2025.
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