Individual income tax; subtraction of income from certain retirement plans provided.

HF 2268 creates a tax subtraction for Minnesota residents aged 65+ who receive retirement income. It allows married couples filing jointly (both 65+) to subtract up to $150,000 of retirement income, while other seniors (65+) can subtract up to $75,000, limited to actual retirement distributions received. This directly affects Minnesota seniors receiving qualified retirement plan payments (like 401(k) or IRA distributions) under federal tax code. The policy reduces taxable income for eligible retirees, effective for tax years beginning after December 31, 2024.