Bill > HF885

This bill modifies the Social Security subtraction in Minnesota's tax law. It changes the maximum subtraction amounts and the income thresholds at which the subtraction is reduced. Specifically, it increases the income threshold for the subtraction from $77,000 to $110,000 for married couples filing jointly, and from $60,200 to $80,000 for single or head-of-household filers. It also reduces the subtraction rate from 20% to 10% per $1,000 of additional income above the thresholds. The bill also updates the language to refer to "adjusted gross income" instead of "provisional income." The changes are effective for tax years beginning after December 31, 2018.