MN SF3638

Adds a new subtraction from Minnesota state income tax for compensation received from federal military retirement pensions computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733.

Subtraction applies to the extent military retirement pay is included in federal taxable income.

Effective for taxable years beginning after December 31, 2015.

Updates Minnesota Statutes sections 290.01, subdivision 19b (subtractions from federal taxable income) and 290.091, subdivision 2 (alternative minimum tax definitions) to account for the military retirement pay subtraction.