This bill amends Minnesota Statutes 2024, section 290.0132, by adding a new subdivision that establishes a subtraction for firefighter pension income from individual income taxation. Specifically, it defines "firefighter pension income" as annuity income or lump-sum payments received from a public retirement plan based on service as a firefighter. This provision aims to provide tax relief to individuals receiving such pensions.

The new legal language specifies that the amount of firefighter pension income will be subtracted from taxable income, thereby reducing the overall tax burden for eligible individuals. The effective date for this change is set for taxable years beginning after December 31, 2025, allowing time for implementation and adjustment within the tax system.

Statutes affected:
Introduction: 290.0132