HF 114

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to taxation; income; allowing a credit for 
  1.3             children; proposing coding for new law in Minnesota 
  1.4             Statutes, chapter 290. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [290.072] [CREDIT FOR CHILDREN.] 
  1.7      A taxpayer is allowed a credit against the tax imposed by 
  1.8   this chapter equal to $250 for each child or stepchild who 
  1.9   qualifies as a dependent of the taxpayer under section 152 of 
  1.10  the Internal Revenue Code.  The credit shall be reduced by $25 
  1.11  for each $1,000 of income, or fraction thereof, over the 
  1.12  threshold amount, but in no case shall the credit be less than 
  1.13  zero.  The threshold amounts are $75,000 for taxpayers filing as 
  1.14  married joint, $37,500 for taxpayers filing as married separate, 
  1.15  and $60,000 for taxpayers filing as head of household.  
  1.16  Taxpayers filing as single may not claim the credit.  For 
  1.17  purposes of this section, "income" means income as defined in 
  1.18  section 290.067, subdivision 2a. 
  1.19     For nonresident or part-year resident, the credit must be 
  1.20  allocated based on the percentage calculated under section 
  1.21  290.067, subdivision 2c, paragraph (e). 
  1.22     Sec. 2.  [EFFECTIVE DATE.] 
  1.23     Section 1 is effective for tax years beginning after 
  1.24  December 31, 1996.