| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 1.1 A bill for an act | |
| 2 | 2 | 1.2 relating to taxation; individual income; establishing a baby bonus within the | |
| 3 | 3 | 1.3 Minnesota child credit; amending Minnesota Statutes 2024, section 290.0661, by | |
| 4 | 4 | 1.4 adding a subdivision. | |
| 5 | 5 | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: | |
| 6 | 6 | 1.6 Section 1. Minnesota Statutes 2024, section 290.0661, is amended by adding a subdivision | |
| 7 | 7 | 1.7to read: | |
| 8 | 8 | 1.8 Subd. 3a.Baby bonus.(a) The credit amount under subdivision 3 is increased by $400 | |
| 9 | 9 | 1.9for each qualifying child of the taxpayer that was born during the taxable year. | |
| 10 | 10 | 1.10 (b) The commissioner must disregard credit amounts under this subdivision for the | |
| 11 | 11 | 1.11purposes of determining a taxpayer's minimum credit amount under subdivision 9. | |
| 12 | 12 | 1.12 (c) The commissioner may establish a process to allow a taxpayer to request an advance | |
| 13 | 13 | 1.13payment of the additional amount under this subdivision. | |
| 14 | 14 | 1.14 EFFECTIVE DATE.This section is effective for taxable years beginning after December | |
| 15 | 15 | 1.1531, 2024. | |
| 16 | 16 | 1Section 1. | |
| 17 | 17 | 25-04561 as introduced03/05/25 REVISOR EAP/BM | |
| 18 | 18 | SENATE | |
| 19 | 19 | STATE OF MINNESOTA | |
| 20 | 20 | S.F. No. 2548NINETY-FOURTH SESSION | |
| 21 | 21 | (SENATE AUTHORS: OUMOU VERBETEN) | |
| 22 | 22 | OFFICIAL STATUSD-PGDATE | |
| 23 | 23 | Introduction and first reading03/13/2025 | |
| 24 | 24 | Referred to Taxes |