The bill amends Minnesota Statutes 2022, section 290.0132, subdivision 26, to allow for an unlimited subtraction of Social Security benefits from individual income tax calculations. The previous provisions that limited the subtraction based on income thresholds and specified maximum amounts for different filing statuses have been removed. This change means that taxpayers will now be able to subtract the full amount of Social Security benefits received during the taxable year without any reduction based on their income level.

Additionally, the bill includes a new effective date, stating that the changes will apply to taxable years beginning after December 31, 2022. This legislative change aims to provide greater tax relief to individuals receiving Social Security benefits by eliminating previous limitations and simplifying the tax calculation process.

Statutes affected:
Introduction: 290.0132