SF5275

Purpose

• This bill aims to modify Minnesota’s personal income tax by increasing the amount of the Minnesota child credit for each qualifying child.

Main Provisions

• Amends Minnesota Statutes 2024, section 290.0661, subdivision 3.
• The credit amount under this section would be set to $2,000 per qualifying child (up from $1,750 per qualifying child).
• The bill also references amendments to multiple subdivisions of the same statute, though the excerpt specifically calls out the change to the credit amount in subdivision 3.

Significant Changes to Existing Law

• Increases the Minnesota child credit per qualifying child from $1,750 to $2,000 on the individual income tax return.
• The change directly affects the calculation of the credit for taxpayers with qualifying children under the Minnesota income tax system.
• The exact scope beyond the per-child credit increase (e.g., eligibility rules, phaseouts, refundability) is not specified in the excerpt provided.

Relevant impact (plain language): Families with qualifying children could receive a larger credit, reducing their tax liability by more per child.

Relevant terms - Minnesota child credit - qualifying child - per qualifying child - credit amount - Subdivision 3 - Minnesota Statutes 2024 - section 290.0661 - individual income tax