HF4621

Purpose

The bill aims to increase the Minnesota child credit for individuals paying state income tax. It changes the amount of the credit available per qualifying child, effectively providing greater tax relief to families with children.

Main Provisions

• Amends Minnesota Statutes 2024 section 290.0661, subdivision 3.
• Sets the credit amount to 2,000 dollars per qualifying child (in the bill text shown as an increase from the previous amount of 1,750 dollars per qualifying child).
• Applies to the Minnesota child credit within the individual income tax, as defined in the statute.

Significant Changes to Existing Law

• The key change is raising the per-child credit amount in Subdivision 3 of section 290.0661 from the previous level to 2,000 dollars per qualifying child.
• The rest of the referenced subdivisions in the bill appear to be listed for context but the substantive change shown is the increased per-child credit amount.

What the bill seeks to accomplish

• Provide more tax relief to families with qualifying children by increasing the amount of the Minnesota child credit received for each qualifying child.

Relevant Terms - Minnesota child credit - qualifying child - credit amount - per qualifying child - Minnesota Statutes 2024 section 290.0661 - Subdivision 3 (Subd. 3) - credit (tax credit) - individual income tax