ST. PAUL, MN—For the first time, all military pensions are fully exempt from Minnesota state income taxes beginning with 2016 tax filings that are due this year. According to the Minnesota Department of Revenue, 900,000 Minnesotans are expected to file their taxes in the final week before the April 18 filing deadline. This new tax benefit is a result of bipartisan legislation passed in 2016 by the legislature and signed into law by Governor Dayton.
"Though this passed before I started in the legislature, I believe it’s important for our veterans to know they’re eligible for this exemption as they file their taxes,” said Rep. Sandy Layman, R-Cohasset. “I hope vets in our area – and around the state – take advantage of this new law this tax season; they deserve it.”
Minnesota veterans with questions about the new tax exemption are encouraged to visit the Department of Revenue website for more information.
Additional information can be found here: http://www.revenue.state.mn.us/individuals/individ_income/Pages/Military_Pensions.aspx