Minnesota SF1631 proposes an unlimited subtraction for Social Security benefits on individual income tax returns.

Minnesota SF1631 amends the state's tax code to allow an unlimited subtraction for Social Security benefits on individual income tax returns. This bill modifies the existing tax law to remove the cap on the subtraction amount for Social Security benefits, potentially reducing taxable income for affected taxpayers. The changes apply to taxable years beginning after December 31, 2024.

Minnesota SF1631 proposes an unlimited subtraction for Social Security benefits on individual income tax returns.

Minnesota SF1631 amends the state's tax code to allow an unlimited subtraction for Social Security benefits on individual income tax returns. This bill modifies the existing tax law to remove the cap on the subtraction amount for Social Security benefits, potentially reducing taxable income for affected taxpayers. The changes apply to taxable years beginning after December 31, 2024.