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HF 2907

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
Rtf

Bill Text Versions

Engrossments
Introduction Posted on 02/16/2006

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 2.1 2.2 2.3

A bill for an act
 relating to taxes; individual income; allowing an adoption credit; transferring
money from the tax relief account; 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 [290.0677] 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.
 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 Subd. 3. new text end

new text begin Application; expiration. new text end

new text begin The credit under this section applies to expenses
paid or incurred after May 31, 2006, and is effective only for taxable years beginning after
December 31, 2005, and before January 1, 2008.
 new text end

Sec. 2. new text begin APPROPRIATION.
new text end

new text begin On July 1, 2006, the commissioner of finance shall transfer to the general fund from
the tax relief account under Minnesota Statutes, section 16A.1522, subdivision 2, an
amount estimated to equal the reduction in taxes provided by section 1.
 new text end