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HF 304

as introduced - 93rd Legislature (2023 - 2024) Posted on 01/17/2023 11:58am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Current Version - as introduced

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A bill for an act
 relating to taxation; individual income; expanding the subtraction for military
retirement pay; amending Minnesota Statutes 2022, section 290.0132, subdivision
21.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 290.0132, subdivision 21, is amended to read:


Subd. 21.

Military service pension; retirement pay.

new text begin (a)new text end To the extent included in
federal adjusted gross income, compensation received from a pension or other retirement
pay from the federal government for service in the militarydeleted text begin , asdeleted text end new text begin is a subtraction. Only the
following amounts may be subtracted under this subdivision:
new text end

new text begin (1) compensationnew text end computed under United States Code, title 10, sections 1401 to 1414,
1447 to 1455, and 12733deleted text begin , is a subtraction.deleted text end new text begin ;
new text end

new text begin (2) the total amount of a federal employee retirement system pension under United States
Code, title 5, chapter 84, multiplied by the taxpayer's military service ratio; and
 new text end

new text begin (3) the total amount of a civil service retirement system pension under United States
Code, title 5, chapter 83, subchapter III, multiplied by the taxpayer's military service ratio.
 new text end

new text begin (b) new text end The subtraction is limited to individuals who do not claim the credit under section
290.0677.

new text begin (c) For purposes of this subdivision, "military service ratio" means:
 new text end

new text begin (1) in the case of a federal employee retirement system pension, the years of service
credited to the taxpayer for military service under United States Code, title 5, section 8411,
divided by the total service credited to the taxpayer under that section; and
 new text end

new text begin (2) in the case of a civil service retirement system pension, the years of service credited
to the taxpayer for military service under United States Code, title 5, section 8322, divided
by the total service credited to the taxpayer under that section.
 new text end

new text begin (d) For purposes of calculating the ratio under paragraph (b), the commissioner must
consider the number of full years and months credited to the taxpayer, excluding any
fractional part of a month, if any.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2022.
 new text end