summary
Introduced
01/25/2023
01/25/2023
In Committee
01/25/2023
01/25/2023
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 proposes to allow an unlimited Social Security subtraction from individual income taxes in Minnesota. The current law sets a maximum subtraction amount that is reduced based on the taxpayer's provisional income, but this bill would remove those limits, allowing taxpayers to subtract the full amount of their Social Security benefits received during the taxable year. This change would be effective for tax years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Taxes (on 01/25/2023)
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=Senate&f=SF0741&ssn=0&y=2023 | 01/24/2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF741&version=0&session=ls93&session_year=2023&session_number=0&format=pdf | 01/24/2023 |
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