MN SF572

Allows an unlimited subtraction for taxable Social Security benefits received by Minnesota taxpayers, removing the current maximum subtraction caps.

Eliminates the tiered maximum subtraction limits previously set at $5,150 for married joint filers, $4,020 for single/head-of-household filers, and half those amounts for married separate filers.

Removes the income-based phase-out provisions that reduced the subtraction by 20 percent of provisional income over specified thresholds ($78,180 for joint filers, $61,080 for single filers).

Retains 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.