as introduced - 90th Legislature (2017 - 2018) Posted on 03/27/2017 11:42am
Engrossments | ||
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Introduction | Posted on 02/27/2017 |
A bill for an act
relating to taxation; individual income; modifying 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 end new text begin $1,000new 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 end new text begin $50,000new 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
(e).
new text begin
This section is effective for taxable years beginning after December
31, 2016.
new text end