This 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 set to take effect for taxable years after December 31, 2025. Additionally, the bill modifies the inflation adjustment provisions in subdivision 7, changing the statutory year for adjustments from 2025 to 2026, and mandates that the commissioner of revenue annually adjust the phaseout thresholds for inflation starting from taxable years after December 31, 2023.

The bill also includes an effective date clause for the amendments, stating that both sections will be effective for taxable years after December 31, 2025. This ensures that the increased credit amount and the adjusted inflation thresholds will be implemented in future tax years, providing financial relief to families with children in Minnesota.

Statutes affected:
Introduction: 290.0661