MN HF3317

Allows Minnesota taxpayers to subtract Social Security benefits included in federal taxable income from their Minnesota state taxable income, effective for tax years beginning after December 31, 2013.

Adds Social Security benefits as clause (19) to the list of subtractions from federal taxable income in Minnesota Statutes section 290.01, subdivision 19b for individuals, estates, and trusts.

Modifies section 290.091, subdivision 2 to include the Social Security benefits subtraction in the calculation of alternative minimum taxable income for Minnesota's alternative minimum tax purposes.

Applies the Social Security benefits subtraction only to the extent such benefits are included in federal taxable income, maintaining conformity with federal tax treatment.