Certain retirement plans subtraction of income provision

This bill creates a tax reduction for Minnesota residents aged 65+ who receive retirement income. It allows eligible taxpayers to subtract up to $150,000 annually from their taxable income if married filing jointly (both spouses 65+), or up to $75,000 for other eligible retirees. The provision applies to qualified retirement plan distributions under IRS codes 401 and 408. It becomes effective for tax years starting after December 31, 2024.