This bill amends Minnesota Statutes 2024, section 290.0132, subdivision 26, to allow taxpayers to claim an unlimited subtraction for Social Security benefits received. The previous structure, which included a simplified subtraction and an alternate subtraction with specific phaseout thresholds based on adjusted gross income, has been removed. Instead, the bill establishes that the amount of Social Security benefits received will be fully subtracted from taxable income, eliminating any income-based reductions or limits that previously applied.

The effective date for this change is set for taxable years beginning after December 31, 2024. This legislative change aims to provide greater tax relief for individuals receiving Social Security benefits by removing the complexities and limitations associated with the previous subtraction calculations.

Statutes affected:
Introduction: 290.0132