MN HF2505

Increases the income threshold for the past military service tax credit from $30,000 to $50,000, effective for taxable years beginning after December 31, 2015.

Expands eligibility to include all veterans with any compensable service-connected disability rating, removing the previous requirement for a 100 percent total and permanent disability rating.

Maintains the $750 credit amount and reduces it by 10 percent of adjusted gross income exceeding the $50,000 threshold, with a minimum of zero.

Allocates credit for nonresidents and part-year residents based on the percentage calculated under section 290.06, subdivision 2c, paragraph (e).

Establishes a purpose statement measuring effectiveness by the percentage of eligible veterans who claim the credit.