This bill proposes a new tax credit for contributions made by taxpayers to women's pregnancy centers, allowing a credit of up to $50,000 against income tax. The bill introduces a new section, [290.0696] CREDIT FOR CONTRIBUTIONS TO WOMEN'S PREGNANCY CENTERS, which outlines the eligibility criteria, limitations, and carryforward provisions for the credit. It specifies that taxpayers cannot claim this credit if they have already claimed a similar credit under section 297I.20 for the same contribution. Additionally, the bill defines what constitutes a "women's pregnancy center" and "contribution," and establishes guidelines for partnerships and multiple owners regarding the allocation of credits. Furthermore, the bill amends Minnesota Statutes 2024, section 297I.20, by adding a subdivision that allows taxpayers to claim a credit against the premiums tax based on the contributions made to women's pregnancy centers, mirroring the provisions in the new section for income tax credits. This amendment also includes a carryover provision for any excess credit and clarifies that this credit will not impact the calculation of fire and police state aid. Both sections of the bill are set to take effect for taxable years beginning after December 31, 2025.

Statutes affected:
Introduction: 297I.20