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MN SF56

MN SF56
Unlimited Social Security income tax subtraction authorization


summary

Introduced
01/11/2021
In Committee
01/11/2021
Crossed Over
Passed
Dead
05/23/2022

Introduced Session

92nd Legislature 2021-2022

Bill Summary

A bill for an act relating to taxation; individual income; allowing an unlimited Social Security subtraction; amending Minnesota Statutes 2020, section 290.0132, subdivision 26.

AI Summary

This bill proposes to allow an unlimited Social Security income tax subtraction for Minnesota taxpayers. Previously, the subtraction was limited to a maximum amount that was reduced based on the taxpayer's provisional income. The bill removes these limits, allowing taxpayers to subtract the full amount of their Social Security benefits from their taxable income. This change would take effect for tax years beginning after December 31, 2020.

Committee Categories

Budget and Finance

Sponsors (5)

Last Action

Author added Dornink (on 02/25/2021)

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