Loading chat...
MN HF4194
Bill
Status
Introduced
3/5/2020
Primary Sponsor
Gregory Davids
Click for details
AI Summary
- Allows taxpayers to claim an unlimited subtraction for taxable Social Security benefits received, replacing the previous limited subtraction amounts.
- Establishes income-based phaseouts: married joint filers and surviving spouses phase out at 20% of provisional income over $78,180; single and head-of-household filers phase out at 20% over $61,080; married filing separately filers phase out at 20% over half the joint threshold.
- Defines "provisional income" as modified adjusted gross income under Internal Revenue Code section 86(b)(2) plus one-half of taxable Social Security benefits received.
- Requires the commissioner to adjust maximum subtraction and threshold amounts annually using section 270C.22, with adjustments rounded to the nearest $10 (rounding up if ending in $5).
- Effective for taxable years beginning after December 31, 2019.
Legislative Description
Social Security unlimited subtraction allowed.
Last Action
Authors added Dettmer, Bahr, and Hertaus
3/9/2020
Committee Referrals
Taxes3/5/2020
Full Bill Text
No bill text available