MN SF1631

Allows Minnesota taxpayers to subtract the full amount of Social Security benefits received from their state taxable income, regardless of income level

Eliminates the current income-based phaseout thresholds that reduced the subtraction for joint filers above $100,000, single/head of household filers above $78,000, and married filing separately above $50,000

Removes the alternate subtraction calculation that capped benefits at $5,840 for joint filers and $4,560 for single/head of household filers

Amends Minnesota Statutes section 290.0132, subdivision 26, by striking the complex multi-paragraph calculation system and replacing it with a simple full subtraction

Effective for taxable years beginning after December 31, 2024