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HF 61

as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2013 05:51pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 01/14/2013

Current Version - as introduced

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A bill for an act
relating to taxation; income; military service credit; modifying income-based
reduction; amending Minnesota Statutes 2012, section 290.0677, subdivision 1a.

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

Section 1.

Minnesota Statutes 2012, section 290.0677, subdivision 1a, is amended to
read:


Subd. 1a.

Credit allowed; past military service.

(a) A qualified individual is
allowed a credit against the tax imposed under this chapter for past military service. The
credit equals $750. The credit allowed under this subdivision is reduced by deleted text begintendeleted text endnew text begin fivenew text end percent
of adjusted gross income in excess of $30,000, but in no case is the credit less than zero.

(b) For a nonresident or a part-year resident, the credit under this subdivision
must be allocated based on the percentage calculated under 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, 2012.
new text end