Social Security income subject to tax phase out provision

SF 952 modifies Minnesota's tax code to adjust how Social Security benefits are taxed based on income levels. It sets income thresholds ($100,000 for joint filers, $78,000 for singles) above which a larger portion of Social Security benefits becomes taxable. The bill gradually increases the taxable percentage of benefits - from 10% to 100% over time - based on income, with specific phaseout rules for different filing statuses. This affects Minnesota residents receiving Social Security income who exceed these thresholds, effective for tax years beginning after December 31, 2024.