MN SF2012

Creates a new Minnesota income tax subtraction for distributions from qualified retirement plans (401(k), 403(b), etc.) and individual retirement accounts (IRAs) for residents age 65 and older

Married couples filing jointly where both spouses are at least 65 can subtract up to $150,000 in qualified retirement distributions from taxable income

Single filers and other taxpayers age 65 and older can subtract up to $75,000 in qualified retirement distributions

Effective for taxable years beginning after December 31, 2024