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HF 1655

as introduced - 88th Legislature (2013 - 2014) Posted on 03/21/2013 11:56am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxes; individual income; allowing a payroll tax credit; proposing
coding for new law in Minnesota Statutes, chapter 290.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [290.0682] PAYROLL TAX CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin (a) An individual is allowed a credit against the tax
due under this chapter equal to two percent of the lesser of (1) the individual's income
subject to federal payroll taxes, or (2) $46,000. In the case of a married couple filing a
joint return, each spouse is allowed to claim the credit.
new text end

new text begin (b) For a nonresident or part-year resident, the credit must be allocated based on the
percentage calculated under section 290.06, subdivision 2c, paragraph (e).
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin For purposes of this section, "income subject to federal
payroll taxes" means:
new text end

new text begin (1) wages as defined in section 3121, paragraph (a), of the Internal Revenue Code plus
new text end

new text begin (2) self-employment income, as defined in section 1402, paragraph (b), of the
Internal Revenue Code.
new text end

new text begin Subd. 3. new text end

new text begin Credit refundable; appropriation. new text end

new text begin (a) If the amount of credit which the
individual is eligible to receive under this section exceeds the individual's tax liability
under this chapter, the commissioner shall refund the excess to the individual.
new text end

new text begin (b) An amount sufficient to pay the refunds required by this section is appropriated
to the commissioner from the general fund.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2012.
new text end