MN SF415

Provides a tax subtraction for income received from specified public safety officer and firefighter pension plans, excluding disability income.

Covered pension plans include the police and fire plan (sections 353.63-353.68), local government correctional service retirement plan (chapter 353E), State Patrol retirement plan (chapter 352B), state correctional employees retirement plan (sections 352.90-352.955), and similar federal retirement system benefits.

Subtraction applies only to individuals who have not attained age 55 before December 31, 2022, and their surviving spouses.

Amends Minnesota Statutes section 290.0132 by adding subdivision 31 and updates section 290.091, subdivision 2, regarding alternative minimum taxable income definitions.

Effective for taxable years beginning after December 31, 2022.