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MN HF171
Bill
Status
1/14/2015
Primary Sponsor
Ron Erhardt
Click for details
AI Summary
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Adds a new subtraction from federal taxable income for Minnesota residents receiving military retirement pay computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733.
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Allows the subtraction to the extent military retirement pay is included in federal taxable income.
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Amends Minnesota Statutes section 290.01, subdivision 19b to add clause (22) establishing this military retirement pay subtraction.
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Updates the alternative minimum tax definition in section 290.091, subdivision 2 to account for the new military retirement pay subtraction.
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Effective for taxable years beginning after December 31, 2014.
Legislative Description
Military retirement pay allowed.
Last Action
Authors added Hansen and Masin.
1/22/2015