Minnesota SF1231 proposes to allow an unlimited subtraction for Social Security income in state taxation.

SF1231 amends Minnesota Statutes to allow taxpayers an unlimited subtraction for Social Security income when calculating state taxes. This bill modifies the current tax code to remove the cap on the Social Security income subtraction, potentially lowering the taxable income for affected taxpayers. The changes apply to taxable years beginning after December 31, 2024.

Minnesota SF1231 proposes to allow an unlimited subtraction for Social Security income in state taxation.

SF1231 amends Minnesota Statutes to allow taxpayers an unlimited subtraction for Social Security income when calculating state taxes. This bill modifies the current tax code to remove the cap on the Social Security income subtraction, potentially lowering the taxable income for affected taxpayers. The changes apply to taxable years beginning after December 31, 2024.