This bill proposes the establishment of a "baby bonus" within the Minnesota child credit, specifically amending Minnesota Statutes 2024, section 290.0661 by adding a new subdivision. The baby bonus will increase the credit amount by $400 for each qualifying child born during the taxable year. Additionally, the bill stipulates that these credit amounts will be disregarded when determining a taxpayer's minimum credit amount under a different subdivision, ensuring that the bonus does not negatively impact other credits.

Furthermore, the bill allows the commissioner to create a process for taxpayers to request an advance payment of the additional amount provided by the baby bonus. This new provision is set to take effect for taxable years beginning after December 31, 2024, thereby providing financial support to families with newborns in Minnesota.

Statutes affected:
Introduction: 290.0661