MN SF2284

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

Removes the current "simplified subtraction" system that phases out at $100,000 AGI for joint filers, $78,000 for single/head of household, and $50,000 for married filing separately

Removes the current "alternate subtraction" caps of $5,840 for joint filers and $4,560 for single/head of household that phase out based on provisional income

Amends Minnesota Statutes 2024, section 290.0132, subdivision 26

Effective for taxable years beginning after December 31, 2024