as introduced - 91st Legislature (2019 - 2020) Posted on 03/28/2019 02:24pm
Engrossments | ||
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Introduction | Posted on 03/28/2019 |
A bill for an act
relating to taxation; individual income; increasing the phaseout threshold for the
past military service credit; amending Minnesota Statutes 2018, section 290.0677,
subdivision 1a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2018, 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
$750. 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).
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This section is effective for taxable years beginning after December
31, 2018.
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