HF 299 Summary

• Adds a new subtraction from Minnesota state income tax for compensation received from a pension or other retirement pay from the federal government for military service, as computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733

• Applies to the extent such military retirement compensation is included in federal taxable income

• Effective for taxable years beginning after December 31, 2014

• Amends Minnesota Statutes section 290.01, subdivision 19b to add military retirement pay as clause (22) to the list of subtractions from federal taxable income

• Updates Minnesota Statutes section 290.091, subdivision 2 to include the military retirement pay subtraction in the alternative minimum taxable income calculation for state minimum tax purposes