The bill amends Minnesota Statutes 2024, section 290.0132, subdivision 26, to allow taxpayers to claim an unlimited subtraction for Social Security benefits. The previous structure, which included a simplified subtraction and an alternate subtraction with various phaseout thresholds based on adjusted gross income, has been removed. Instead, the new language states that the amount of Social Security benefits received is a subtraction, simplifying the process for taxpayers.

Additionally, the bill specifies that this change will take effect for taxable years beginning after December 31, 2024. This amendment aims to provide greater tax relief for individuals receiving Social Security benefits by eliminating the previous limitations and phaseout thresholds that could reduce the amount of benefits eligible for subtraction.

Statutes affected:
Introduction: 290.0132