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SF 2101

Introduction - 94th Legislature (2025 - 2026)

Posted on 03/04/2025 09:46 a.m.

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to taxation; individual income; repealing the inflation adjustment for the
child tax credit and working family credit; repealing Minnesota Statutes 2024,
sections 290.0661, subdivision 7; 290.0671, subdivision 7.

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

Section 1. new text begin REPEALER.
new text end

new text begin Minnesota Statutes 2024, sections 290.0661, subdivision 7; and 290.0671, subdivision
7, new text end new text begin are repealed.
 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, 2024.
 new text end

APPENDIX

Repealed Minnesota Statutes: 25-04204

290.0661 MINNESOTA CHILD TAX CREDIT.

Subd. 7.

Inflation adjustment.

(a) For taxable years beginning after December 31, 2025, the commissioner of revenue must annually adjust for inflation the credit amount in subdivision 3 as provided in section 270C.22. The adjusted amounts must be rounded to the nearest $60. The statutory year is taxable year 2025.

(b) For taxable years beginning after December 31, 2023, the commissioner of revenue must annually adjust for inflation the phaseout thresholds in subdivision 4, as provided in section 270C.22. The statutory year is taxable year 2023.

290.0671 MINNESOTA WORKING FAMILY CREDIT.

Subd. 7.

Inflation adjustment.

The commissioner shall annually adjust the earned income amounts used to calculate the credit and the qualifying older child amounts in subdivision 1 as provided in section 270C.22. The statutory year is taxable year 2023.