Unlimited Social Security individual income tax subtraction allowed.

Summary

This bill in Minnesota allows individuals to subtract an unlimited amount of their Social Security income from their state income taxes. Currently, there is a limit on how much Social Security income can be subtracted for tax purposes, but this bill would remove that limit, allowing individuals to reduce their taxable income by the full amount of their Social Security benefits. This means that retirees receiving Social Security benefits would potentially pay less in state income taxes, providing them with additional financial relief. The goal of this bill is to ease the tax burden on retirees who rely on Social Security as a significant source of income.