MN HF3902

Creates a tax subtraction for pension income from five specified public safety and government retirement plans: the police and fire plan, local government correctional service retirement plan, state patrol retirement plan, state correctional employees retirement plan, and similar federal retirement systems.

Excludes disability income from the subtraction eligibility.

Applies the subtraction only to individuals who have not reached age 55 before December 31, 2022, and to their surviving spouses.

Amends Minnesota Statutes section 290.0132 by adding subdivision 31 and modifies section 290.091, subdivision 2 to reference the new pension subtraction in alternative minimum taxable income calculations.

Effective for taxable years beginning after December 31, 2022.