Minnesota bill SF940 proposes to allow an unlimited subtraction for Social Security benefits in state income tax calculations.
Minnesota bill SF940 amends state tax law to allow an unlimited subtraction for Social Security benefits, meaning taxpayers can deduct all their Social Security income from their taxable income. This change applies to all taxpayers, with specific phaseout thresholds and reductions based on filing status and income levels. The bill is effective for taxable years beginning after December 31, 2024.
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