MN SF2484

Extends the working family credit phaseout increase for married filers filing joint returns to tax years beginning after December 31, 2017, conforming to federal Internal Revenue Code provisions.

Increases the maximum credit percentages: from 1.9125% to 2.87% for individuals with no qualifying children, from 8.5% to 12.75% for one qualifying child, and from 10% to 15% for two or more qualifying children.

Raises the earned income thresholds for calculating credits: increases from $4,620 to $4,980 (no children), from $6,920 to $8,930 (one child), and from $9,720 to $14,650 (two or more children).

Increases the income phaseout thresholds for married taxpayers by $3,000 for tax years 2008-2010 and 2018 onward, and by $5,000 for tax years 2011-2017, with annual inflation adjustments.

Changes the inflation adjustment baseline year from 1999 to 2013, with the first adjustment calculation comparing August 31, 2013 to August 31, 2014.