SF 3779

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to income taxes; modifying the education 
  1.3             credit; amending Minnesota Statutes 1999 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 1999 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 $34,000, the maximum credit allowed is 
  1.10  $1,000 per qualifying child and $2,000 per family. No credit is 
  1.11  allowed for education-related expenses for claimants with income 
  1.12  greater than $37,500.  The maximum credit for each claimant is 
  1.13  $1,000 multiplied by the number of qualifying children for which 
  1.14  the individual claims the credit.  The maximum credit per child 
  1.15  for a claimant is reduced by $1 for each $4 of household income 
  1.16  over $33,500 $34,000, and the maximum credit per family is 
  1.17  reduced by $2 for each $4 of household income over $33,500, but 
  1.18  in no case is the credit less than zero. 
  1.19     For purposes of this section "income" has the meaning given 
  1.20  in section 290.067, subdivision 2a.  In the case of a married 
  1.21  claimant, a credit is not allowed unless a joint income tax 
  1.22  return is filed. 
  1.23     (b) For a nonresident or part-year resident, the credit 
  1.24  determined under subdivision 1 and the maximum credit amount in 
  1.25  paragraph (a) must be allocated using the percentage calculated 
  2.1   in section 290.06, subdivision 2c, paragraph (e). 
  2.2      Sec. 2.  [EFFECTIVE DATE.] 
  2.3      Section 1 is effective for taxable years beginning after 
  2.4   December 31, 1999.