HF3934 Summary

• Amends Minnesota Statutes section 290.0132, subdivision 21 to expand the individual income tax subtraction for military retirement pay and pensions.

• Allows subtraction of compensation computed under United States Code, title 10, sections 1401 to 1414, 1447 to 1455, and 12733.

• Permits subtraction of one-half the amount of a federal employee retirement system pension under U.S. Code, title 5, chapter 84, if the annuity reflects military service credited under section 8411.

• Permits subtraction of one-half the amount of a civil service retirement system pension under U.S. Code, title 5, chapter 83, subchapter III, if the annuity reflects military service credited under section 8332.

• Limits the subtraction to individuals who do not claim the credit under section 290.0677, effective retroactively for taxable years beginning after December 31, 2015.