MN SF104

Eliminates all income-based phaseouts and caps on the Minnesota Social Security subtraction, allowing taxpayers to subtract 100% of their taxable Social Security benefits from state taxable income

Removes the current "simplified subtraction" system with phaseout thresholds of $100,000 for joint filers, $78,000 for single/head of household, and $50,000 for married filing separately

Removes the "alternate subtraction" caps of $5,840 for joint filers and $4,560 for single/head of household taxpayers

Amends Minnesota Statutes section 290.0132, subdivision 26, replacing the complex calculation system with a single provision: "The amount of Social Security benefits received is a subtraction"

Effective for taxable years beginning after December 31, 2024