as introduced - 90th Legislature (2017 - 2018) Posted on 03/23/2017 04:34pm
|Introduction||Posted on 02/16/2017|
A bill for an act
relating to taxation; individual income; expanding the credit for past military
service; amending Minnesota Statutes 2016, section 290.0677, subdivision 1a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2016, section 290.0677, subdivision 1a, is amended to read:
(a) A qualified individual is allowed
a credit against the tax imposed under this chapter for past military service. The credit equals
deleted text begin $750deleted text endnew text beginnew text end. The credit allowed under this subdivision is reduced by ten percent of adjusted
gross income in excess of deleted text begin$30,000deleted text endnew text beginnew text end, 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
new text begin new text end