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S.F. No. 403 - Phased-in Subtraction of Social Security Benefits
 
Author: Senator David H. Senjem
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: February 21, 2017



 

This bill provides a subtraction of Social Security benefits for purposes of calculating Minnesota taxable income, beginning in tax year 2017. The subtraction in 2017 is ten percent of benefits, and the subtraction increases by ten percentage points every year until the percentage reaches 100 percent. Also provides a corresponding subtraction for purposes of calculating Minnesota alternative minimum tax (AMT).

 
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