Bill > HF4084

This bill modifies the subtraction for taxable Social Security benefits in the Minnesota individual income tax. Specifically, it increases the maximum subtraction for married taxpayers filing jointly and surviving spouses from $5,150 to $11,000, and for single or head-of-household taxpayers from $4,020 to $8,590. It also increases the income threshold at which the subtraction begins to phase out and raises the phase-out rate from 20% to 25%. Additionally, the bill requires the Commissioner to adjust these amounts annually for inflation. The changes are effective for tax years beginning after December 31, 2021.