MN SF1231

Allows Minnesota taxpayers to subtract 100% of their Social Security benefits from state taxable income, regardless of income level

Eliminates the current income-based phaseout thresholds that reduced the subtraction for higher earners (previously $100,000 for joint filers, $78,000 for single filers)

Removes the existing two-tiered "simplified" and "alternate" subtraction calculation system in favor of a single unlimited subtraction

Effective for taxable years beginning after December 31, 2024