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MN HF3574
Bill
Status
Introduced
2/17/2022
Primary Sponsor
Cheryl Youakim
Click for details
AI Summary
- Modifies Minnesota Statutes 2020, section 290.0674, subdivision 2 to change the income measure for the education credit from a broad definition of "income" to "adjusted gross income"
- Repeals subdivision 2a, which previously defined "income" to include federal adjusted gross income plus numerous additions such as nontaxable income, passive activity losses, public assistance, pensions, workers' compensation, and various other income sources
- For families with adjusted gross income not exceeding $33,500, maximum credit remains $1,000 per qualifying child in kindergarten through grade 12
- Credit phase-out begins at $33,500, reducing by $1 per $4 of adjusted gross income for one-child families and $2 per $4 for two-or-more-child families
- Effective for taxable years beginning after December 31, 2021
Legislative Description
Income measure used by education credit modified.
Last Action
Author added Keeler
3/31/2022
Committee Referrals
Taxes2/17/2022
Full Bill Text
No bill text available