MN SF95

Allows an unlimited Social Security benefits subtraction from Minnesota taxable income, replacing the current limited subtraction amounts.

Removes the maximum subtraction caps of $5,150 for married joint filers and surviving spouses, and $4,020 for single or head-of-household filers.

Eliminates the provisional income thresholds ($78,180 for joint filers and $61,080 for single filers) that previously reduced the subtraction by 20 percent.

Maintains the existing definition of "provisional income" and "Social Security benefits" from the Internal Revenue Code for tax purposes.

Effective for taxable years beginning after December 31, 2022.