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Bill > HF655
MN HF655
MN HF655Individual income tax provisions modified, and unlimited Social Security subtraction allowed.
summary
Introduced
01/23/2023
01/23/2023
In Committee
01/23/2023
01/23/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; individual income; allowing an unlimited Social Security subtraction; amending Minnesota Statutes 2022, section 290.0132, subdivision 26.
AI Summary
This bill removes the existing limits on the Social Security benefits subtraction for individual income tax in Minnesota. Prior to this change, the subtraction was capped at $5,150 for married couples filing jointly and $4,020 for single or head-of-household filers, with the maximum subtraction reduced based on the taxpayer's provisional income. The bill now allows an unlimited subtraction for all Social Security benefits received, effective for tax years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (9)
Brian Pfarr (R)*,
Elliott Engen (R),
Bobbie Harder (R),
Shane Hudella (R),
Krista Knudsen (R),
Jim Nash (R),
Paul Novotny (R),
Mark Wiens (R),
Natalie Zeleznikar (R),
Last Action
Author added Knudsen (on 01/30/2023)
Taxonomy
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Social Welfare
- ‐ Retirement Issues
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0655&ssn=0&y=2023 | 01/23/2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF655&version=0&session=ls93&session_year=2023&session_number=0&format=pdf | 01/23/2023 |
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