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Minnesota Legislature

Office of the Revisor of Statutes

HF 263

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Bill Text Versions

Engrossments
Introduction Posted on 01/22/2007

Current Version - as introduced

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19
1.20 1.21

A bill for an act
relating to taxation; income tax; providing for an education credit inflation
adjustment; amending Minnesota Statutes 2006, section 290.0674, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2006, section 290.0674, is amended by adding a
subdivision to read:


new text begin Subd. 6. new text end

new text begin Inflation adjustment. new text end

new text begin The income threshold at which the maximum credit
begins to be reduced in subdivision 2 must be adjusted for inflation. The commissioner
shall adjust by the percentage determined pursuant to the provisions of section 1(f) of
the Internal Revenue Code, except that in section 1(f)(3)(B) the word "2005" shall be
substituted for the word "1992." For 2007, the commissioner shall then determine the
percent change from the 12 months ending on August 31, 2005, to the 12 months ending
on August 31, 2006, and in each subsequent year, from the 12 months ending August 31,
2005, to the 12 months ending on August 31 of the year preceding the taxable year. The
earned income thresholds as adjusted for inflation must be rounded to the nearest $10
amount. If the amount ends in $5, the amount is rounded up to the nearest $10 amount.
The determination of the commissioner under this subdivision is not a rule under the
Administrative Procedure Act.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for tax years beginning after
December 31, 2006.
new text end