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MN SF3194

Bill

Official Source

Status

Introduced

3/24/2016

Primary Sponsor

Mark Anderson

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Origin

Senate

89th Legislature 2015-2016

AI Summary

  • Reduces the income-based reduction rate for the military service tax credit from ten percent to five percent of adjusted gross income in excess of $30,000
  • Maintains the $750 base credit amount for qualified individuals with past military service
  • Ensures the credit cannot be reduced below zero regardless of adjusted gross income level
  • Allocates the credit for nonresidents and part-year residents based on the percentage calculated under section 290.06, subdivision 2c, paragraph (e)
  • Applies to taxable years beginning after December 31, 2014

Legislative Description

Military service income tax credit income-based reduction modification

Last Action

Referred to Taxes

3/24/2016

Committee Referrals

Taxes3/24/2016

Full Bill Text

No bill text available