Unlimited Social Security subtraction provision

SF 2284 amends Minnesota's tax code to allow taxpayers to subtract their full Social Security benefits from taxable income, up to specific maximum amounts ($5,840 for joint filers, $4,560 for singles), without income-based phaseouts that previously reduced the subtraction. It replaces Minnesota Statutes § 290.0132, subdivision 26, by removing the 10% reduction for income above phaseout thresholds and eliminating the 20% reduction for provisional income over certain limits. This change directly affects Minnesota taxpayers who receive Social Security benefits and file individual income tax returns. The bill takes effect for taxable years beginning after December 31, 2024.