Minnesota HF100 allows an unlimited Social Security individual income tax subtraction.

Minnesota HF100 amends the state's tax code to allow an unlimited subtraction for Social Security benefits when calculating individual income tax. The bill sets specific phaseout thresholds for different filing statuses and adjusts these thresholds annually. It also defines "provisional income" and "Social Security benefits" for tax purposes. This change impacts taxpayers by potentially reducing their taxable income based on their Social Security benefits.

Minnesota HF100 allows an unlimited Social Security individual income tax subtraction.

Minnesota HF100 amends the state's tax code to allow an unlimited subtraction for Social Security benefits when calculating individual income tax. The bill sets specific phaseout thresholds for different filing statuses and adjusts these thresholds annually. It also defines "provisional income" and "Social Security benefits" for tax purposes. This change impacts taxpayers by potentially reducing their taxable income based on their Social Security benefits.