This is a major benefit for a lot of retirees – which those in 47 others states have had for many years. Read here: 2016-mn-legislative-session-recap-veterans_tcm1066-246086).
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Ask your Minnesota state senator (especially Sen Skoe – Tax Chair) to defer to the house language from HF 848 for the omnibus tax bill which provides a subtraction for military retirement pay. The primary purpose of this bill is to bring military retirees to Minnesota for a second career. Wisconsin, which has had a similar provision, has brought an additional $50 million in second career income to the state this year and more than $390 million in taxes since its inception. Very little of these funds would have been collected by the state without the military retiree tax subtraction because most states don’t tax military retirement income and the retirees move to those locations. The House language is below:
Military retirement pay. Allows a new income tax subtraction for individuals who receive military retirement pay. The subtraction equals $1,000 for each year or portion of a year of active service, up to a maximum of twenty years of service. The subtraction would apply to retirement pay for service in the active and reserve components of the military, and for survivor benefit plan payments. The subtraction is not limited to the amount of military retirement pay received. In the case of married spouses who file jointly, each spouse can claim this subtraction. The subtraction would not be allowed to individuals who choose instead to claim the existing income tax credit for military retirees.
Thank you , let’s act now.
General John W. Vessey Jr Chapter
Association of the United States Army
SAMPLE LETTER or EMAIL email@example.com
Senator Rod Skoe
95 University Avenue W.
Minnesota Senate Bldg., Room 3211
St. Paul, MN 55155
I’d like to ask your support in adding or supporting language in this bill (HF 848) to support a subtraction for military retirement pay. Military service members would give Minnesota strong consideration as a home for Retired Active Duty service members starting their second career.The benefit to Minnesotans is a place for Retired Service Members to call home for a second career (Active Duty) and Retired Service Members who are retired from all employment to stay in Minnesota. It keeps dollars in Minnesota vs moving out of state and makes Minnesota a strong consideration for retired military.Wisconsin has approved a similar bill which was directly tied to a $50M increase in second career income to the state this year and more than $390 million in taxes since its inception.
Thank you for your time,