This bill amends Minnesota Statutes 2024, section 290.0132, by adding a new subdivision that establishes a subtraction for volunteer firefighter pension income from individual income taxation. The new legal language specifies that the amount of volunteer firefighter pension income is a subtraction, which includes annuity income or lump-sum payments from public retirement plans based on service as a volunteer firefighter. The bill defines "volunteer firefighter" to encompass various categories, including those defined in specific sections of the law.

The effective date for this new provision is set for taxable years beginning after December 31, 2025. This change aims to provide tax relief for volunteer firefighters, recognizing their service and contributions to the community by allowing them to exclude certain pension income from their taxable income.

Statutes affected:
Introduction: 290.0132