Bill > HF701

This bill amends the Minnesota individual income tax law to allow an unlimited Social Security subtraction. Previously, there were limits on the amount of Social Security benefits that could be subtracted from taxable income based on the taxpayer's filing status and provisional income. Under this bill, all Social Security benefits received by a taxpayer in the taxable year can be subtracted from their taxable income, without any limitations. The effective date of this change is for taxable years beginning after December 31, 2022.