MN HF3846

Increases the maximum Social Security benefits subtraction for married taxpayers filing jointly and surviving spouses from $5,150 to an amount indexed for inflation, with the income threshold raised from $78,180 to $80,000.

Increases the maximum Social Security benefits subtraction for single or head-of-household taxpayers, with the income threshold raised from $61,080 to $62,500.

Married taxpayers filing separate returns receive one-half the maximum subtraction allowed for joint returns, with proportional adjustments to their income threshold.

Changes the statutory base year for annual inflation adjustments from taxable year 2019 to taxable year 2022, with amounts rounded to the nearest $10.

Effective for taxable years beginning after December 31, 2021.