Rep. Pat Garofalo

Maddy summaryThis bill modifies Minnesota's individual income tax rules by allowing taxpayers to subtract Social Security benefits and public pension income from their taxable income. It establishes specific dollar limits and phase-out thresholds based on a taxpayer's filing status and provisional income, ensuring that higher earners gradually lose access to these subtractions. The changes apply to retirees receiving benefits from state pension plans and aim to align state tax treatment more closely with federal standards for public pensions. These provisions take effect for taxable years beginning after December 31, 2022.