Bill > SF2962

This bill eliminates the current limits and phaseouts on the subtraction of taxable Social Security benefits from individual income tax in Minnesota. Previously, there were maximum subtraction amounts and income-based phaseouts that reduced the subtraction. Under this bill, the full amount of taxable Social Security benefits received by a taxpayer in a taxable year can be subtracted from their individual income tax, regardless of their income level. The changes are effective for taxable years beginning after December 31, 2019.