SF 1262

as introduced - 89th Legislature (2015 - 2016) Posted on 03/03/2015 08:42am

A bill for an act
relating to taxation; individual income; providing a toddler tax 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 [290.0793] TODDLER TAX CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed; limitations. new text end

new text begin (a) A taxpayer who is the parent or
guardian of a qualifying child may take a credit of $1,000 per qualifying child against the
tax imposed under this chapter. A taxpayer qualifies for the credit authorized under this
section if the taxpayer is the parent or guardian of at least one qualifying child.
new text end

new text begin (b) For purposes of this section, a "qualifying child" means, with respect to any
taxpayer for any taxable year:
new text end

new text begin (1) an individual who has not attained the age of five by the end of the calendar year
in which the taxable year of the taxpayer begins;
new text end

new text begin (2) is a child of the taxpayer or a descendant of the child, or a brother, sister,
stepbrother, or stepsister of the taxpayer or a descendant of the relative; and
new text end

new text begin (3) who has the same principal place of abode as the taxpayer for more than one-half
of the taxable year.
new text end

new text begin (c) The credit authorized under this section may not exceed the taxpayer's liability
for tax under this chapter.
new text end

new text begin (d) For a nonresident or part-year resident, the credit determined under this section
must be allocated based on the percentage calculated under section 290.06, subdivision
2c, paragraph (e).
new text end

new text begin Subd. 2. new text end

new text begin Right to file claim. new text end

new text begin The right to file a claim under this section is personal
to the claimant and does not survive death, but the right may be exercised on behalf of a
claimant by the claimant's legal guardian or attorney-in-fact. When a claimant dies after
having filed a timely claim, the credit amount shall be disbursed to another member of the
claimant's household as determined by the commissioner. If the claimant was the only
member of a household, the claim may be paid to the claimant's personal representative,
but if none is appointed and qualified within two years of the filing of the claim, the
amount of the claim shall escheat to the state.
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, 2014.
new text end