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MN SF492
Bill
Status
Introduced
1/23/2023
Primary Sponsor
Gene Dornink
Click for details
AI Summary
- Allows unlimited subtraction of taxable Social Security benefits received by Minnesota taxpayers, removing the current maximum subtraction caps.
- Eliminates phase-out reductions based on provisional income thresholds that currently reduce the maximum subtraction by 20 percent for income over specified limits.
- Removes separate maximum subtraction amounts for married joint filers ($5,150), single/head-of-household filers ($4,020), and married separate filers (one-half of joint amount).
- Maintains the definition of "provisional income" and "Social Security benefits" based on Internal Revenue Code sections 86(b)(2) and 86(d)(1).
- Effective for taxable years beginning after December 31, 2022.
Legislative Description
Unlimited Social Security subtraction permission
Last Action
Author added Dahms
2/8/2023
Committee Referrals
Taxes1/23/2023
Full Bill Text
No bill text available