This bill proposes an amendment to Minnesota Statutes 2024, specifically section 290.0132, by adding a new subdivision that establishes a subtraction for income earned by senior taxpayers. Under the new provision, any income received by taxpayers who are 65 years of age or older during the taxable year will be eligible for this subtraction. Additionally, for married couples filing jointly, if either spouse is 65 or older, the income received by the couple will also qualify for the subtraction. The bill defines "income" as any amount included in adjusted gross income or any amount that must be added to adjusted gross income under section 290.0131.

The effective date for this new provision is set for taxable years beginning after December 31, 2025. This legislation aims to provide tax relief for senior citizens by allowing them to subtract a portion of their income from their taxable income, thereby potentially reducing their overall tax burden.

Statutes affected:
Introduction: 290.0132