The bill amends Minnesota Statutes 2024, specifically section 290.0661, to increase the Minnesota child credit from $1,750 to $2,000 per qualifying child. This change is reflected in subdivision 3 of the statute. Additionally, the bill introduces an effective date stating that this increase will apply to taxable years after December 31, 2025.

Furthermore, the bill modifies subdivision 7 regarding inflation adjustments. It changes the statutory year for inflation adjustments from 2025 to 2026 and mandates that the commissioner of revenue annually adjust the phaseout thresholds for the child credit starting from taxable years after December 31, 2023. Similar to the previous section, this amendment also includes an effective date for the changes, which will take effect for taxable years after December 31, 2025.

Statutes affected:
Introduction: 290.0661