Minnesota HF828 allows an unlimited subtraction for Social Security benefits on individual income tax returns.

Minnesota HF828 amends the state's tax code to allow an unlimited subtraction for Social Security benefits on individual income tax returns. The bill specifies different phaseout thresholds based on filing status, with adjustments made annually. The subtraction is the greater of the simplified benefits amount or the taxable benefits amount, subject to certain limits. This change is effective for taxable years beginning after December 31, 2024.

Minnesota HF828 allows an unlimited subtraction for Social Security benefits on individual income tax returns.

Minnesota HF828 amends the state's tax code to allow an unlimited subtraction for Social Security benefits on individual income tax returns. The bill specifies different phaseout thresholds based on filing status, with adjustments made annually. The subtraction is the greater of the simplified benefits amount or the taxable benefits amount, subject to certain limits. This change is effective for taxable years beginning after December 31, 2024.