MN SF1754

Establishes a $3,000 refundable income tax credit for each qualifying child under age six in Minnesota.

Credit phases out by reducing 10 percent for adjusted gross income exceeding $150,000 (married filing jointly), $112,500 (head of household), or $75,000 (all other taxpayers).

Allows taxpayers to elect to receive six periodic advance payments throughout the year instead of claiming the full credit on their tax return.

Makes the credit refundable, meaning excess credit amounts are refunded to taxpayers from the state general fund.

Applies retroactively for taxable years beginning after December 31, 2022, and before January 1, 2024.