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MN SF544
Bill
Status
Introduced
1/23/2023
Primary Sponsor
Steve Drazkowski
Click for details
AI Summary
- Allows an unlimited subtraction of taxable Social Security benefits received by Minnesota taxpayers in the taxable year.
- Removes the current maximum subtraction limits of $5,150 for married taxpayers filing jointly and $4,020 for single or head-of-household taxpayers.
- Eliminates the 20 percent phase-out of the subtraction based on provisional income thresholds ($78,180 for joint filers and $61,080 for single filers).
- Maintains separate provisions for married taxpayers filing separate returns at one-half the maximum subtraction for joint returns.
- Effective for taxable years beginning after December 31, 2022.
Legislative Description
Unlimited Social Security subtraction permission
Last Action
Referred to Taxes
1/23/2023
Committee Referrals
Taxes1/23/2023
Full Bill Text
No bill text available