Military retirement pay is defined and calculated under federal law. This bill provides a Minnesota income tax subtraction for military retirement pay, to the extent included in federal taxable income.
Section 1. [Subtractions from federal taxable income] Adds a subtraction for military retirement pay received for purposes of determining Minnesota income, effective beginning in tax year 2013.
Section 2. [Definitions] Adds a cross-reference to the subtraction authorized in section 1 for purposes of calculating the alternative minimum tax. Effective beginning in tax year 2013.
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