MN HF25

Allows a subtraction from federal taxable income for compensation from a pension or other retirement pay from the federal government for service in the military, computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733.

Adds this military retirement pay subtraction as clause (22) to the list of subtractions from federal taxable income under Minnesota Statutes section 290.01, subdivision 19b.

Updates the alternative minimum tax definition under section 290.091, subdivision 2 to include the military retirement pay subtraction as an allowable deduction.

Effective for taxable years beginning after December 31, 2014.