MN SF940

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

Eliminates the existing income-based phaseout thresholds that previously reduced the subtraction for taxpayers with adjusted gross income above $100,000 (married filing jointly), $78,000 (single/head of household), or $50,000 (married filing separately)

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 2024, section 290.0132, subdivision 26

Effective for taxable years beginning after December 31, 2024