MN SF5088

Amends Minnesota Statutes section 290A.03, subdivision 3, to modify the definition of income used for calculating property tax refunds.

Removes "or Roth style" language from the definition of "traditional or Roth style retirement account or plan" and creates a separate definition for "Roth style retirement account or plan" under Internal Revenue Code sections 408A, 401, 403, and 457.

Adds clause (10) to income exclusions to clarify that distributions from Roth style retirement accounts or plans are excluded from income to the extent not included in federal adjusted gross income.

Effective for claims based on property taxes payable in 2024 and following years.