Minnesota HF2254 establishes a baby bonus within the Minnesota child credit for each qualifying child born during the taxable year.

Minnesota HF2254 amends the Minnesota child credit by adding a baby bonus. For each qualifying child born during the taxable year, the credit amount is increased by $400. The commissioner must disregard this credit amount when determining a taxpayer's minimum credit amount. The commissioner may also establish a process for taxpayers to request an advance payment of the additional amount. This change is effective for taxable years beginning after December 31, 2024.

Minnesota HF2254 establishes a baby bonus within the Minnesota child credit for each qualifying child born during the taxable year.

Minnesota HF2254 amends the Minnesota child credit by adding a baby bonus. For each qualifying child born during the taxable year, the credit amount is increased by $400. The commissioner must disregard this credit amount when determining a taxpayer's minimum credit amount. The commissioner may also establish a process for taxpayers to request an advance payment of the additional amount. This change is effective for taxable years beginning after December 31, 2024.