Bill > SF711

This bill amends the Minnesota Statutes to allow an unlimited Social Security subtraction for individual income taxes. It removes the current limitations on the Social Security subtraction, which had maximum subtraction amounts and phaseouts based on provisional income levels. Under the new provision, taxpayers can subtract the full amount of their Social Security benefits received during the taxable year, without any limits or reductions. The effective date for this change is for taxable years beginning after December 31, 2022.