Minnesota HF760 allows an unlimited subtraction of Social Security benefits from taxable income.

Minnesota HF760 amends the state's tax code to allow an unlimited subtraction of Social Security benefits from taxable income. This change applies to all taxpayers, regardless of their income level, and is effective for taxable years beginning after December 31, 2024. The bill modifies the definition of "provisional income" to include half of the taxable Social Security benefits received during the taxable year. The subtraction is not subject to any upper limit, meaning taxpayers can fully deduct their Social Security benefits from their taxable income.

Minnesota HF760 allows an unlimited subtraction of Social Security benefits from taxable income.

Minnesota HF760 amends the state's tax code to allow an unlimited subtraction of Social Security benefits from taxable income. This change applies to all taxpayers, regardless of their income level, and is effective for taxable years beginning after December 31, 2024. The bill modifies the definition of "provisional income" to include half of the taxable Social Security benefits received during the taxable year. The subtraction is not subject to any upper limit, meaning taxpayers can fully deduct their Social Security benefits from their taxable income.