Minnesota Legislature
HF 2339
as introduced - 94th Legislature (2025 - 2026) Posted on 03/13/2025 03:02pm
Bill Text Versions
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| Introduction | Posted on 03/13/2025 |
Current Version - as introduced
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A bill for an act
relating to taxation; individual income; increasing the income threshold for the
child tax credit; amending Minnesota Statutes 2024, section 290.0661, subdivisions
4, 7.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2024, section 290.0661, subdivision 4, is amended to read:
Subd. 4.
Phaseout.
The credits under subdivision 2 and section 290.0671 are phased
down jointly. The combined amount of the credits is reduced by 12 percent of earned income
or adjusted gross income, whichever is greater, in excess of the phaseout threshold. The
phaseout threshold equals:
(1) deleted text begin $35,000deleted text end new text begin $45,490new text end for a married taxpayer filing a joint return; or
(2) deleted text begin $29,500deleted text end new text begin $38,340new text end for all other filers.
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2024.
new text end
Sec. 2.
Minnesota Statutes 2024, section 290.0661, subdivision 7, is amended to read:
Subd. 7.
Inflation adjustment.
(a) For taxable years beginning after December 31,
2025, the commissioner of revenue must annually adjust for inflation the credit amount in
subdivision 3 as provided in section 270C.22. The adjusted amounts must be rounded to
the nearest $60. The statutory year is taxable year 2025.
(b) For taxable years beginning after December 31, deleted text begin 2023deleted text end new text begin 2025new text end , the commissioner of
revenue must annually adjust for inflation the phaseout thresholds in subdivision 4, as
provided in section 270C.22. The statutory year is taxable year deleted text begin 2023deleted text end new text begin 2025new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2025.
new text end