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

The bill amends Minnesota Statutes to allow an unlimited subtraction of Social Security benefits from taxable income. It modifies the current rules to permit taxpayers to subtract the full amount of their Social Security benefits, regardless of income level. The changes apply to taxable years beginning after December 31, 2024. The bill also includes provisions for rounding and defines terms such as "provisional income" and "Social Security benefits.

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

The bill amends Minnesota Statutes to allow an unlimited subtraction of Social Security benefits from taxable income. It modifies the current rules to permit taxpayers to subtract the full amount of their Social Security benefits, regardless of income level. The changes apply to taxable years beginning after December 31, 2024. The bill also includes provisions for rounding and defines terms such as "provisional income" and "Social Security benefits.