Unlimited Social Security subtraction allowed.

This bill changes Minnesota's tax code to allow taxpayers to subtract all their Social Security benefits from taxable income without limits. Currently, deductions phase out or have maximum amounts based on income and filing status (e.g., $5,840 max for married couples filing jointly). The bill removes these phaseout thresholds and maximum subtraction limits, making the deduction "unlimited" for all eligible taxpayers. It directly affects Minnesota residents who receive Social Security benefits and file state income taxes. The change takes effect for tax years beginning after December 31, 2024.