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HF 3096

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/17/2022 05:23pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 02/03/2022

Current Version - as introduced

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A bill for an act
relating to taxation; individual income; providing for a full subtraction of taxable
Social Security benefits for veterans and surviving spouses; amending Minnesota
Statutes 2020, section 290.0132, subdivision 26.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 290.0132, subdivision 26, is amended to read:


Subd. 26.

Social Security benefits.

(a) new text beginExcept as provided in paragraph (g), new text enda portion
of taxable Social Security benefits is allowed as a subtraction. The subtraction equals the
lesser of taxable Social Security benefits or a maximum subtraction subject to the limits
under paragraphs (b), (c), and (d).

(b) For married taxpayers filing a joint return and surviving spouses, the maximum
subtraction equals $5,150. The maximum subtraction is reduced by 20 percent of provisional
income over $78,180. In no case is the subtraction less than zero.

(c) For single or head-of-household taxpayers, the maximum subtraction equals $4,020.
The maximum subtraction is reduced by 20 percent of provisional income over $61,080.
In no case is the subtraction less than zero.

(d) For married taxpayers filing separate returns, the maximum subtraction equals
one-half the maximum subtraction for joint returns under paragraph (b). The maximum
subtraction is reduced by 20 percent of provisional income over one-half the threshold
amount specified in paragraph (b). In no case is the subtraction less than zero.

(e) For purposes of this subdivision, "provisional income" means modified adjusted
gross income as defined in section 86(b)(2) of the Internal Revenue Code, plus one-half of
the taxable Social Security benefits received during the taxable year, and "Social Security
benefits" has the meaning given in section 86(d)(1) of the Internal Revenue Code.

(f) The commissioner shall adjust the maximum subtraction and threshold amounts in
paragraphs (b) to (d) as provided in section 270C.22. The statutory year is taxable year
2019. The maximum subtraction and threshold amounts as adjusted must be rounded to the
nearest $10 amount. If the amount ends in $5, the amount is rounded up to the nearest $10
amount.

new text begin (g) Notwithstanding paragraphs (a) to (f), the amount of taxable Social Security benefits
received in the taxable year by a veteran or surviving spouse of a veteran is allowed as a
subtraction. For purposes of this paragraph, "veteran" has the meaning given in section
197.447.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2021.
new text end