MN HF3589

Increases the credit percentage for individuals with no qualifying children from 2.10% to 3.0% of earned income, with the income threshold rising from $6,180 to $6,500.

Increases the credit percentage for individuals with one qualifying child from 9.35% to 12.71% of earned income, with the income threshold decreasing from $11,120 to $8,350.

Increases the credit percentage for individuals with two or more qualifying children from 11% to 14.94% of earned income, with the income threshold decreasing from $18,240 to $13,700.

Adjusts phase-out thresholds and rates for all three categories of taxpayers, including increases in the married filing jointly adjustment from $5,000 to $5,550 for tax years beginning after December 31, 2016 and before January 1, 2018.

Effective for tax years beginning after December 31, 2015.