MN SF2508

Increases the child tax credit phaseout threshold for married taxpayers filing jointly from $35,000 to $45,490, and for all other filers from $29,500 to $38,340

Credits begin reducing by 12% of earned income or adjusted gross income (whichever is greater) once income exceeds these new thresholds

Changes the statutory base year for inflation adjustments of phaseout thresholds from 2023 to 2025

Phaseout threshold changes are effective for taxable years beginning after December 31, 2024; inflation adjustment changes are effective for taxable years beginning after December 31, 2025