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MN HF1348
Bill
Status
Introduced
2/16/2017
Primary Sponsor
Erin Maye Quade
Click for details
AI Summary
- Increases the tax credit for qualified individuals with past military service from $750 to $1,000 in Minnesota individual income tax.
- Raises the adjusted gross income threshold for credit reduction from $30,000 to $50,000, meaning the credit phases out more gradually for higher-income veterans.
- Credit remains reduced by ten percent of adjusted gross income above the threshold, with a minimum credit of zero.
- For nonresident or part-year residents, the credit is allocated based on the percentage calculated under Minnesota Statutes section 290.06, subdivision 2c, paragraph (e).
- Effective for taxable years beginning after December 31, 2016.
Legislative Description
Past military service credit expanded.
Last Action
Author added Hortman.
3/23/2017
Committee Referrals
Taxes3/7/2017
Veterans Affairs2/16/2017
Full Bill Text
No bill text available