Bill
SF 2012
SF 2012 would create or modify a subtraction from Minnesota taxable income for certain retirement plans, reducing taxes for eligible taxpayers.
Overview
- SF 2012 is a Minnesota Senate bill titled “Certain retirement plans subtraction of income provision.” The bill would create or modify a subtraction from income for certain retirement plans as part of Minnesota’s individual income tax provisions.
- The current information indicates the bill is in the early stage of consideration, with introduction and first reading completed, and it has been referred to the Senate Taxes Committee.
Key Details
- Bill number: SF 2012
- Title: Certain retirement plans subtraction of income provision
- Status: Referred to Taxes (Senate)
- Introduced: February 27, 2025
- Companion bill: HF 2268 (House of Representatives)
- Subject areas: Retirement, revenue department, Taxation-Income
- Version content available: Only high-level information is provided; the specific text of the provisions is not included in the summary you provided.
Purpose and intent
- Based on the title, the bill intends to establish or modify a subtraction from Minnesota taxable income related to certain retirement plans. This type of provision typically aims to reduce the tax treatment of eligible retirement plan contributions, distributions, or other retirement-plan-related amounts, thereby lowering taxable income for qualifying taxpayers.
- Exact eligibility criteria, the amount of the subtraction, any phase-ins/phase-outs, interaction with other deductions, and administration details are not specified in the provided information.
Provisions and substantive changes (current status)
- Specifics are not included in the excerpt you supplied. As such, the exact mechanism (e.g., which retirement-plan types are covered, how the subtraction is calculated, annual limits, and any applicable caps or thresholds) remains undetermined from this material.
- The bill would be administered within Minnesota’s income tax framework, implying involvement by the Minnesota Department of Revenue for qualification, reporting, and enforcement, subject to the final text.
Who would be affected
- Likely affected: Minnesota individual taxpayers who participate in specified retirement plans and would benefit from an income subtraction under the bill.
- The magnitude of impact would depend on the final text’s eligibility rules, subtraction amount, and interaction with other tax provisions.
Procedural and timeline aspects
- Introduction and first reading: February 27, 2025
- Assigned to committee: Taxes (Senate)
- Next steps (pending bill text): Committee hearings, potential amendments, vote in the Senate, and eventual cross-reference to the House as applicable via the companion HF 2268.
- For the public: To review exact provisions and current status, consult the official Minnesota Legislature bill texts and bill-tracking resources for SF 2012 and HF 2268.
Plain-language takeaway
SF 2012 seeks to create or modify a subtraction from Minnesota taxable income for certain retirement plans. The precise rules and impact depend on the full bill text, which has not been provided here. The companion House bill is HF 2268, and the bill is currently in the Senate Taxes committee after its February 27, 2025 introduction.
Compiled from official sources — confirm details with the bill’s official record.
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