This bill amends Minnesota Statutes to provide a subtraction for income earned by certain family child care providers. Specifically, it adds a new subdivision to section 290.0132, which states that income earned by family child care providers who are licensed under chapter 142B and Minnesota Rules, chapter 9502, will be considered a subtraction for tax purposes. This provision is set to take effect for taxable years beginning after December 31, 2024.

Additionally, the bill amends section 290.091, subdivision 2, to update the definitions related to alternative minimum taxable income. Notably, it modifies the list of amounts subtracted from federal taxable or adjusted gross income by replacing the reference to subdivision 35 with a reference to the newly added subdivision 36. This change also takes effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0132, 290.091