MN SF1500

Allows an unlimited Social Security benefits subtraction for Minnesota income tax purposes by removing the current maximum subtraction caps and phase-out thresholds.

Replaces current limits of $5,150 for joint filers and $4,020 for single filers with unlimited subtraction of taxable Social Security benefits received.

Eliminates the 20 percent reduction in maximum subtraction based on provisional income thresholds ($78,180 for joint filers, $61,080 for single filers).

Maintains the definition of "provisional income" as modified adjusted gross income plus one-half of taxable Social Security benefits under Internal Revenue Code section 86(b)(2).

Effective for taxable years beginning after December 31, 2022.