MN SF3039

Increases the working family income tax credit percentage for individuals with no qualifying children from 2.10% to 3.0% of earned income up to $6,500.

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

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

Adjusts income thresholds at which credits begin to phase out for all categories and increases the married filing jointly adjustment amount from $5,000 to $5,550 for tax years 2016-2017.

Effective for tax years beginning after December 31, 2015.