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MN HF3200
Bill
Status
3/19/2014
Primary Sponsor
Diane Loeffler
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AI Summary
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Increases the working family credit percentage for individuals with no qualifying children from 1.9125% to 2.87% and raises the earned income cap from $4,620 to $4,980.
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Increases the working family credit percentage for individuals with one qualifying child from 8.5% to 12.75% and raises the earned income cap from $6,920 to $8,930.
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Increases the working family credit percentage for individuals with two or more qualifying children from 10% to 15% and raises the earned income cap from $9,720 to $14,650.
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Extends the married taxpayers filing joint returns phaseout increase to apply for tax years beginning after December 31, 2017, in addition to the previously existing 2008-2010 period.
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Changes the inflation adjustment baseline year from 1999 to 2013 and adjusts the commissioner's calculation methodology accordingly for tax years beginning after December 31, 2013.
Legislative Description
Working family credit phaseout for married filers extended to conform to the Internal Revenue Code, and maximum allowed credit increased.
Last Action
Introduction and first reading, referred to Taxes
3/19/2014