as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
|Introduction||Posted on 03/19/1997|
1.1 A bill for an act 1.2 relating to taxation; individual income; allowing a 1.3 one-time personal and dependent credit; amending 1.4 Minnesota Statutes 1996, section 290.06, by adding a 1.5 subdivision. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1996, section 290.06, is 1.8 amended by adding a subdivision to read: 1.9 Subd. 25. [PERSONAL AND DEPENDENT CREDIT.] (a) A credit is 1.10 allowed against the tax imposed under this chapter on 1.11 individuals. The credit equals $500 multiplied by the number of 1.12 the taxpayer's personal and dependent exemptions, as defined in 1.13 sections 151 and 152 of the Internal Revenue Code, and allowed 1.14 on the taxpayer's federal income tax return. The maximum amount 1.15 of the credit is $2,000, except the maximum is $1,000 for a 1.16 married separate return. 1.17 (b) The credit is limited to the amount of the taxpayer's 1.18 tax liability under this chapter. 1.19 (c) This credit is effective only for taxable years 1.20 beginning after December 31, 1996, and before January 1, 1998.