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MN SF5449
Bill
Status
Introduced
4/18/2024
Primary Sponsor
Jordan Rasmusson
Click for details
AI Summary
- Adds a new income subtraction for qualified distributions from retirement plans and individual retirement accounts for Minnesota residents age 65 and older.
- Married couples filing jointly can subtract up to $150,000 of qualified distributions received in a taxable year.
- Single filers and all other taxpayers age 65 and older can subtract up to $75,000 of qualified distributions received in a taxable year.
- Qualified distributions include payments from Internal Revenue Code section 401 qualified retirement plans and section 408 individual retirement accounts.
- The provision is effective for taxable years beginning after December 31, 2023.
Legislative Description
Certain retirement plans subtraction of income provision
Last Action
Referred to Taxes
4/18/2024
Committee Referrals
Taxes4/18/2024
Full Bill Text
No bill text available