This bill amends Minnesota Statutes 2024, specifically section 290.0661, to increase the income thresholds for the child tax credit. The phaseout threshold for the credits is raised from $35,000 to $45,490 for joint filers and from $29,500 to $38,340 for single filers. These changes are set to take effect for taxable years beginning after December 31, 2024.

Additionally, the bill includes provisions for annual inflation adjustments to the credit amounts and phaseout thresholds starting from taxable years after December 31, 2025. The adjustments will be made in accordance with section 270C.22 and will round the amounts to the nearest $60. The statutory year for these adjustments is established as taxable year 2025.

Statutes affected:
Introduction: 290.0661