The bill proposes an amendment to Minnesota Statutes 2024, section 290.0661, to establish a "baby bonus" within the Minnesota child credit. This new provision, designated as Subdivision 3a, will increase the credit amount by $400 for each qualifying child born during the taxable year. Additionally, the commissioner will disregard these credit amounts 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 changes outlined in this bill will take effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0661