SF 1578

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:22am

A bill for an act
relating to taxation; income; increasing amount of education credit; amending
Minnesota Statutes 2008, section 290.0674, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 290.0674, subdivision 2, is amended to
read:

Subd. 2.

Limitations.

(a) For claimants with income not greater than $33,500,
the maximum credit allowed for a family is deleted text begin $1,000 deleted text end new text begin $5,000 new text end multiplied by the number of
qualifying children in kindergarten through grade 12 in the family. The maximum credit
for families with one qualifying child in kindergarten through grade 12 is reduced by $1
for each $4 of household income over $33,500, and the maximum credit for families with
two or more qualifying children in kindergarten through grade 12 is reduced by $2 for
each $4 of household income over $33,500, but in no case is the credit less than zero.

For purposes of this section "income" has the meaning given in section 290.067,
subdivision 2a. In the case of a married claimant, a credit is not allowed unless a joint
income tax return is filed.

(b) For a nonresident or part-year resident, the credit determined under subdivision 1
and the maximum credit amount in paragraph (a) must be allocated using the percentage
calculated in section 290.06, subdivision 2c, paragraph (e).

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2009.
new text end