This bill amends Minnesota Statutes 2024, section 290.0132, by adding a new subdivision that establishes a subtraction for income earned by senior taxpayers. Specifically, it allows taxpayers who are 65 years of age or older during the taxable year to subtract their income from their taxable income. Additionally, for married couples filing jointly, if either spouse is 65 or older, the income received by the couple can also be subtracted. The bill defines "income" as any amount included in adjusted gross income or any amount required to be added to adjusted gross income under section 290.0131.

The new provision is set to take effect for taxable years beginning after December 31, 2025. This legislation aims to provide tax relief for senior citizens, recognizing their contributions and potentially easing their financial burden in retirement.

Statutes affected:
Introduction: 290.0132