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MN HF26
Bill
Status
Introduced
1/7/2021
Primary Sponsor
Tony Jurgens
Click for details
AI Summary
- Allows an unlimited subtraction for taxable Social Security benefits received by taxpayers in Minnesota, eliminating previous maximum subtraction caps.
- Removes existing phaseout thresholds that reduced the subtraction based on provisional income levels for married joint filers ($78,180), single/head-of-household filers ($61,080), and married separate filers.
- Replaces the prior limitation structure where married joint filers could subtract up to $5,150 and single filers up to $4,020 with an unrestricted subtraction equal to the full amount of taxable Social Security benefits received.
- Defines "provisional income" as modified adjusted gross income under Internal Revenue Code section 86(b)(2) plus one-half of taxable Social Security benefits, consistent with federal tax treatment.
- Effective for taxable years beginning after December 31, 2020.
Legislative Description
Social Security unlimited subtraction allowed.
Last Action
Authors added Quam; Franson; Nelson, N.; Swedzinski; and Franke
4/8/2022
Committee Referrals
Taxes1/7/2021
Full Bill Text
No bill text available