Minnesota SF2284 proposes an unlimited subtraction for Social Security benefits in state income tax calculations.

Minnesota SF2284 amends state tax law to allow an unlimited subtraction for Social Security benefits in individual income tax calculations. This bill provides that a taxpayer can subtract the full amount of their Social Security benefits from their taxable income. The bill specifies different maximum subtraction amounts for various filing statuses and adjusts these amounts based on provisional income. The changes are effective for taxable years beginning after December 31, 2024.

Minnesota SF2284 proposes an unlimited subtraction for Social Security benefits in state income tax calculations.

Minnesota SF2284 amends state tax law to allow an unlimited subtraction for Social Security benefits in individual income tax calculations. This bill provides that a taxpayer can subtract the full amount of their Social Security benefits from their taxable income. The bill specifies different maximum subtraction amounts for various filing statuses and adjusts these amounts based on provisional income. The changes are effective for taxable years beginning after December 31, 2024.