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MN SF711
Bill
Status
Introduced
1/25/2023
Primary Sponsor
Justin Eichorn
Click for details
AI Summary
- Allows taxpayers to subtract all taxable Social Security benefits received in a taxable year from Minnesota income taxes, removing the current maximum subtraction limits
- Eliminates income-based phase-out restrictions that currently reduce the subtraction for higher-income taxpayers
- Repeals existing maximum subtraction amounts of $5,150 for joint filers and $4,020 for single filers, along with the 20 percent reduction thresholds
- Applies to taxable years beginning after December 31, 2022
- Amends Minnesota Statutes 2022, section 290.0132, subdivision 26
Legislative Description
Unlimited Social Security Subtraction permission
Last Action
Referred to Taxes
1/25/2023
Committee Referrals
Taxes1/25/2023
Full Bill Text
No bill text available