Minnesota HF310 expands the dependent care credit for individual income tax purposes.

Minnesota HF310 amends the state's tax code to expand the dependent care credit for individual income tax purposes. The bill modifies the definition of employment-related expenses and adjusts the credit percentage based on income thresholds. It also introduces provisions for deemed expenses, inflation adjustments, and rules for married couples filing separate returns. The changes are effective for taxable years beginning after December 31, 2024.

Minnesota HF310 expands the dependent care credit for individual income tax purposes.

Minnesota HF310 amends the state's tax code to expand the dependent care credit for individual income tax purposes. The bill modifies the definition of employment-related expenses and adjusts the credit percentage based on income thresholds. It also introduces provisions for deemed expenses, inflation adjustments, and rules for married couples filing separate returns. The changes are effective for taxable years beginning after December 31, 2024.