This bill amends Minnesota Statutes 2024, section 290.0132, subdivision 26, to provide an unlimited subtraction for Social Security benefits from individual income taxes. The previous structure, which included a simplified subtraction and an alternate subtraction based on income thresholds, has been removed. Instead, the new language states that the amount of Social Security benefits received is a subtraction, simplifying the tax treatment of these benefits for taxpayers.

Additionally, the bill clarifies the definition of "Social Security benefits" by referencing the Internal Revenue Code. The changes will take effect for taxable years beginning after December 31, 2024, allowing taxpayers to benefit from this unlimited subtraction in their future tax filings.

Statutes affected:
Introduction: 290.0132