MN SF3538

Creates a tax subtraction for pension income received from five specific public safety and correctional employee retirement plans, excluding disability income.

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

Covered pension plans include the police and fire plan, local government correctional service retirement plan, state patrol retirement plan, state correctional employees retirement plan, and similar federal government retirement systems.

Effective for taxable years beginning after December 31, 2022.

Amends Minnesota Statutes sections 290.0132 and 290.091 to add the new pension income subtraction and update alternative minimum tax definitions.