Minnesota bill proposes to phase out the amount of Social Security income subject to state tax.

The bill amends Minnesota Statutes to phase out the amount of Social Security income subject to tax. It introduces new rules for calculating the taxable portion of Social Security benefits based on income levels and filing status. The bill sets different phaseout thresholds and reduction percentages for single, head-of-household, and married taxpayers filing jointly or separately. The changes are set to take effect for taxable years beginning after December 31, 2024.

Minnesota bill proposes to phase out the amount of Social Security income subject to state tax.

The bill amends Minnesota Statutes to phase out the amount of Social Security income subject to tax. It introduces new rules for calculating the taxable portion of Social Security benefits based on income levels and filing status. The bill sets different phaseout thresholds and reduction percentages for single, head-of-household, and married taxpayers filing jointly or separately. The changes are set to take effect for taxable years beginning after December 31, 2024.