Unlimited Social Security individual income tax subtraction provided.

Summary

This bill in Minnesota proposes to allow individuals to subtract an unlimited amount of their Social Security income from their state income taxes. Currently, Minnesota allows a deduction for a portion of Social Security benefits, but there is a limit on how much can be deducted. This bill would remove that limit, meaning individuals could subtract the full amount of their Social Security benefits from their state income taxes. This could result in a lower tax liability for retirees who rely on Social Security as a significant source of income. The goal of this bill is to provide additional tax relief for seniors receiving Social Security benefits in Minnesota.