as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am
Engrossments | ||
---|---|---|
Introduction | Posted on 01/14/1998 |
1.1 A bill for an act 1.2 relating to taxation; income; modifying the education 1.3 credit; amending Minnesota Statutes 1997 Supplement, 1.4 section 290.0674, subdivision 2. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 1997 Supplement, section 1.7 290.0674, subdivision 2, is amended to read: 1.8 Subd. 2. [LIMITATIONS.] (a) For claimants with income not 1.9 greater than$33,500$30,500, the maximum credit allowed is 1.10 $1,000 per child and $2,000 per family. The maximum credit per 1.11 child is reduced by $1 for each $4 of income over $30,500, and 1.12 the maximum credit per family is reduced by $2 for each $4 of 1.13 income over $30,500. No credit is allowed for education-related 1.14 expenses for claimants with income greater than$33,500$34,500. 1.15 For purposes of this section "income" has the meaning given in 1.16 section 290.067, subdivision 2a. In the case of a married 1.17 claimant, a credit is not allowed unless a joint income tax 1.18 return is filed. 1.19 (b) For a nonresident or part-year resident, the credit 1.20 determined under subdivision 1 and the maximum credit amount in 1.21 paragraph (a) must be allocated using the percentage calculated 1.22 in section 290.06, subdivision 2c, paragraph (e). 1.23 Sec. 2. [EFFECTIVE DATE.] 1.24 Section 1 is effective for taxable years beginning after 1.25 December 31, 1997.