Minnesota SF4249 proposes an unlimited subtraction for Social Security benefits in individual income tax calculations.

Minnesota SF4249 amends the state's tax code to allow an unlimited subtraction for Social Security benefits in individual income tax calculations. This bill modifies the existing tax code to remove the cap on the subtraction for Social Security benefits, potentially reducing taxable income for affected taxpayers. The bill specifies different maximum subtractions for various filing statuses, including joint returns, single or head-of-household, and married taxpayers filing separately. The changes are set to take effect for taxable years beginning after December 31, 2025.

Minnesota SF4249 proposes an unlimited subtraction for Social Security benefits in individual income tax calculations.

Minnesota SF4249 amends the state's tax code to allow an unlimited subtraction for Social Security benefits in individual income tax calculations. This bill modifies the existing tax code to remove the cap on the subtraction for Social Security benefits, potentially reducing taxable income for affected taxpayers. The bill specifies different maximum subtractions for various filing statuses, including joint returns, single or head-of-household, and married taxpayers filing separately. The changes are set to take effect for taxable years beginning after December 31, 2025.