MN HF3163

Increases the working family income tax credit percentage for individuals with no qualifying children from 2.10% to 3.0% of the first $6,500 of earned income, with the phase-out rate increasing from 2.01% to 3.0%.

Increases the credit percentage for individuals with one qualifying child from 9.35% to 12.71% of the first $8,350 of earned income, with the phase-out rate decreasing from 6.02% to 5.2%.

Increases the credit percentage for individuals with two or more qualifying children from 11% to 14.94% of the first $13,700 of earned income, with the phase-out rate decreasing from 10.82% to 9.2%.

Modifies income thresholds and phase-out amounts for all three categories of taxpayers and adjusts the married filing jointly supplemental credit from $5,000 to $5,550 for tax years 2016 through 2017.

Effective for tax years beginning after December 31, 2015.