Minnesota SF104 allows an unlimited subtraction for Social Security benefits in state income tax calculations.

Minnesota SF104 amends state tax law to allow an unlimited subtraction for Social Security benefits when calculating state income tax. This means that the full amount of Social Security benefits can be subtracted from a taxpayer's income, regardless of income level. The bill specifies different phaseout thresholds for various filing statuses and adjusts the subtraction amounts based on income. It is effective for taxable years beginning after December 31, 2024.

Minnesota SF104 allows an unlimited subtraction for Social Security benefits in state income tax calculations.

Minnesota SF104 amends state tax law to allow an unlimited subtraction for Social Security benefits when calculating state income tax. This means that the full amount of Social Security benefits can be subtracted from a taxpayer's income, regardless of income level. The bill specifies different phaseout thresholds for various filing statuses and adjusts the subtraction amounts based on income. It is effective for taxable years beginning after December 31, 2024.