Unlimited Social Security individual income tax subtraction allowed, individual income tax rates modified, and property tax refunds modified.

HF 167 modifies Minnesota's individual income tax system by removing limits on subtracting Social Security benefits, allowing taxpayers to subtract all their Social Security income without phaseout thresholds or maximums. It also updates income tax brackets, raising the first tax bracket threshold to $47,620 for married couples filing jointly and $47,620 for single filers (from $38,770 and $26,520, respectively). The bill additionally modifies property tax refund rules, though specific changes aren't detailed in the provided text. These changes apply to taxable years beginning after December 31, 2024.