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Showing posts from March, 2022

Pension Tax relief Bill Update

There are a pair of Bills that would provide tax relief for PERA retirees.   SF 3538 is a Bill that would subtract our pension from State Income Tax. " S.F. No. 3538: A bill for an act relating to taxation; individual income; providing a subtraction for certain public pension income; amending Minnesota Statutes 2020,sections 290.0132, by adding a subdivision; 290.091, subdivision 2. Referred to the Committee on Taxes ." The Senate Bill is sponsored by Senators Howe and Duckworth . The House side now has sponsors,  HF3902 is sponsored by Representatives  Demuth  ;  O'Driscoll  ;  Heinrich . SF 3567 has the same result, sponsored by Senator Putnam , and the companion Bill in the House,  HF 3904 Sponsored by Representative Huot. Minnesota has a $9 Billion dollar surplus. We are over taxed in a very high tax State. Surely retirees on fixed incomes should have some relief after a lifetime of taxation. MNCORA strongly urges our members to contact your State Senator and Repre

Two new Pension Bills to watch

There are 2 new Bills currently in the Minnesota State Senate that if enacted would eliminate the State Income tax on the pensions of Police, Fire and Corrections. These are Senate Bills SF 3567 and SF 3538 They both currently need a House sponsor. Minnesota has an over $9 BILLION surplus. Surely people on fixed incomes could use a break. Contact your reps! *update 3/8/22 both bills now have House Sponsors! MNCORA