This bill proposes an amendment to Minnesota tax law to provide an income tax subtraction for certain retirement benefits. Specifically, it allows Minnesota residents aged 65 or older to subtract qualified distributions from retirement plans or IRAs from their taxable income, subject to limits:

1. Married taxpayers filing jointly, where both spouses are at least 65 years old, can subtract up to $150,000 or the total amount of qualified distributions received, whichever is lower.

2. All other taxpayers aged 65 or older can subtract up to $75,000 or the total amount of qualified distributions received, whichever is lower.

The bill was introduced in the Minnesota House of Representatives by Representatives Joy Knudsen and Davis and referred to the Committee on Taxes for further review.