Individual income tax subtraction for income earned by senior taxpayers established

This bill proposes to create a tax subtraction for income earned by Minnesota residents who are 65 years of age or older. It would allow eligible senior taxpayers to exclude certain income from their taxable income when calculating their individual income tax liability. The provision applies to single taxpayers aged 65 or older and to married couples filing jointly if at least one spouse meets the age requirement. The bill would take effect for taxable years beginning after December 31, 2025.