as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:32pm
A bill for an act
relating to taxation; eliminating the income-based reduction of the individual
income tax credit for prior military service; amending Minnesota Statutes 2008,
section 290.0677, subdivision 1a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2008, section 290.0677, subdivision 1a, is amended to
read:
(a) A qualified individual is
allowed a credit against the tax imposed under this chapter for past military service. The
credit equals $750. The credit allowed under this subdivision is reduced by ten percent of
adjusted gross income in excess of $30,000, but in no case is the credit less than zero.
(b) For a nonresident or a part-year resident, the credit under this subdivision
must be allocated based on the percentage calculated under section 290.06, subdivision
2c, paragraph (e).
This section is effective for taxable years beginning after
December 31, 2010.