HF 338

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

A bill for an act
relating to individual income taxation; allowing an adoption 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 [290.0678] ADOPTION 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 for the taxable
year against the tax imposed under sections 290.06 and 290.091 equal to the lesser of:
new text end

new text begin (1) $1,000; or
new text end

new text begin (2) qualified adoption expenses as defined under section 23(d) and (e) of the Internal
Revenue Code, determined without regard to the income limit that applies under section
23 of the Internal Revenue Code.
new text end

new text begin (b) The credit is limited to the liability for tax under sections 290.06 and 290.091 for
the taxable year. No carryover or carryback to another taxable year is allowed.
new text end

new text begin Subd. 2. new text end

new text begin Taxable years. new text end

new text begin For purposes of calculating the credit under this section,
expenses and credits are deemed to apply to the same taxable year as allowed under the
federal credit under section 23(a)(2) of the Internal Revenue Code.
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, 2006.
new text end