MN HF1799

Increases the individual income tax credit for past military service from $750 to $1,000 for qualified individuals.

Raises the income threshold at which the credit begins to phase out from $30,000 to $50,000 of adjusted gross income.

Maintains the 10 percent reduction rate of the credit for each dollar of adjusted gross income above the threshold, with a minimum credit of zero.

Applies the allocation method for nonresidents and part-year residents based on the percentage calculated under section 290.06, subdivision 2c, paragraph (e).

Effective for taxable years beginning after December 31, 2016.