Minnesota bill proposes unlimited subtraction of Social Security benefits from taxable income.

The bill amends Minnesota Statutes to allow taxpayers an unlimited subtraction of Social Security benefits from their taxable income. This change applies to all taxpayers, regardless of their filing status or income level, effective for taxable years beginning after December 31, 2024. The bill modifies the current system where the subtraction is limited based on income thresholds and phases out gradually.

Minnesota bill proposes unlimited subtraction of Social Security benefits from taxable income.

The bill amends Minnesota Statutes to allow taxpayers an unlimited subtraction of Social Security benefits from their taxable income. This change applies to all taxpayers, regardless of their filing status or income level, effective for taxable years beginning after December 31, 2024. The bill modifies the current system where the subtraction is limited based on income thresholds and phases out gradually.