MN HF16

Increases the income threshold for the military service tax credit from $30,000 to $50,000 for purposes of calculating the credit reduction.

Expands eligibility to include all veterans with any compensable service-connected disability rating, not just those with a 100 percent disability rating.

Maintains the $750 credit amount and the 10 percent reduction rate for adjusted gross income exceeding the threshold.

Requires the credit for nonresidents and part-year residents to be allocated based on the percentage of time spent in Minnesota.

Effective for taxable years beginning after December 31, 2016, with the stated purpose of providing assistance and recognition to lower-income and disabled Minnesota veterans.