This bill proposes an amendment to Minnesota Statutes 2024, section 290.0661, to establish a "baby bonus" within the Minnesota child credit. The new subdivision 3a introduces a $400 increase in the credit amount for each qualifying child born during the taxable year. Additionally, it stipulates that these credit amounts will be disregarded when determining a taxpayer's minimum credit amount under subdivision 9.

Furthermore, the bill allows the commissioner to create a process for taxpayers to request an advance payment of the additional baby bonus amount. The provisions of this bill will take effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0661