Minnesota HF2081 allows an unlimited subtraction for Social Security income tax.

Minnesota HF2081 amends the state's tax code to allow an unlimited subtraction for Social Security income tax. This bill modifies the existing tax law to remove the cap on the subtraction amount for Social Security benefits, allowing taxpayers to subtract the full amount of their Social Security benefits from their taxable income. The bill also adjusts the phaseout thresholds and provides definitions for key terms such as "provisional income" and "Social Security benefits." This change is effective for taxable years beginning after December 31, 2024.

Minnesota HF2081 allows an unlimited subtraction for Social Security income tax.

Minnesota HF2081 amends the state's tax code to allow an unlimited subtraction for Social Security income tax. This bill modifies the existing tax law to remove the cap on the subtraction amount for Social Security benefits, allowing taxpayers to subtract the full amount of their Social Security benefits from their taxable income. The bill also adjusts the phaseout thresholds and provides definitions for key terms such as "provisional income" and "Social Security benefits." This change is effective for taxable years beginning after December 31, 2024.