MN SF2590

Adds a new deduction from Minnesota state income tax for military retirement pay received from the federal government, computed under United States Code title 10, sections 1401-1414, 1447-1455, and 12733.

Extends the deduction to compensation included in federal taxable income for military service members, applying to both residents and nonresidents of Minnesota.

Modifies the alternative minimum tax calculation to include the new military retirement pay deduction as a subtraction when computing alternative minimum taxable income.

Effective for taxable years beginning after December 31, 2013.