SF 4650

Introduction - 94th Legislature (2025 - 2026)

Posted on 04/14/2026 09:15 a.m.

A bill for an act
relating to taxation; individual income; establishing a subtraction for income earned
by senior taxpayers; amending Minnesota Statutes 2024, section 290.0132, by
adding a subdivision.

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

Section 1.

Minnesota Statutes 2024, section 290.0132, is amended by adding a subdivision
to read:

new text begin Subd. 40. new text end

new text begin Senior subtraction. new text end

new text begin (a) The amount of income received by a taxpayer who
attained the age of 65 or older during the taxable year is a subtraction.
new text end

new text begin (b) For a married taxpayer filing a joint return, if either spouse attained the age of 65 or
older during the taxable year, the amount of income received by the taxpayer is a subtraction.
new text end

new text begin (c) For the purposes of this subdivision, "income" means any income included in adjusted
gross income or any amount required to be added to adjusted gross income under section
290.0131.
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, 2025.
new text end