HF 2749
Introduction - 91st Legislature (2019 - 2020)
Posted on 03/28/2019 02:24 p.m.
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Introduction
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Posted on 03/28/2019 |
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A bill for an act
relating to taxation; individual income; increasing the phaseout threshold for the
past military service credit; amending Minnesota Statutes 2018, section 290.0677,
subdivision 1a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2018, section 290.0677, subdivision 1a, is amended to read:
Subd. 1a.
Credit allowed; past military service.
(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 deleted text begin $30,000deleted text end new text begin $50,000new text end , 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).
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2018.
new text end