summary
Introduced
01/27/2023
01/27/2023
In Committee
01/27/2023
01/27/2023
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 amends Minnesota's existing law to allow an unlimited subtraction of Social Security benefits from an individual's taxable income. Previously, the subtraction was capped and phased out based on the taxpayer's provisional income. The bill removes these limits, allowing taxpayers to subtract the full amount of their Social Security benefits received during the taxable year. This change is effective for tax years beginning after December 31, 2022.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Taxes (on 01/27/2023)
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=SF0882&ssn=0&y=2023 | 01/26/2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=SF882&version=0&session=ls93&session_year=2023&session_number=0&format=pdf | 01/26/2023 |
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