MN SF1239

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 previously limited the subtraction ($100,000 for married filing jointly, $78,000 for single/head of household)

Removes the alternate subtraction method with maximum caps ($5,840 for joint filers, $4,560 for single/head of household) that previously applied to higher-income taxpayers

Amends Minnesota Statutes 2024, section 290.0132, subdivision 26

Effective for taxable years beginning after December 31, 2024