as introduced - 89th Legislature (2015 - 2016) Posted on 03/11/2016 09:37am
A bill for an act
relating to taxation; individual income; establishing a refundable credit for
parents of stillborn children; proposing coding for new law in Minnesota
Statutes, chapter 290.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
(a) An individual is allowed a credit against the
tax imposed by this chapter equal to $2,000 for each birth for which a certificate of
birth resulting in stillbirth has been issued under section 144.2151. The credit under
this section is allowed only in the taxable year in which the stillbirth occurred and if
the child would have been a dependent of the taxpayer as defined in section 152 of the
Internal Revenue Code.
(b) For a part-year resident, the credit must be allocated based on the percentage
calculated under section 290.06, subdivision 2c, paragraph (e).
If the amount of credit that an individual is
allowed under subdivision 1 exceeds the individual's tax liability under this chapter, the
commissioner shall refund the excess to the individual.
An amount sufficient to pay the refunds required by this
section is appropriated to the commissioner from the general fund.
This section is effective for taxable years beginning after
December 31, 2015.