Minnesota HF495 allows taxpayers to subtract day care costs from their income for tax purposes.

Minnesota HF495 amends state tax law to allow taxpayers to subtract day care costs from their income. This subtraction applies to amounts paid to a licensed child care program for child care in the taxable year. The bill defines "day care costs" and "licensed child care program" for clarity. This change takes effect for taxable years beginning after December 31, 2024.

Minnesota HF495 allows taxpayers to subtract day care costs from their income for tax purposes.

Minnesota HF495 amends state tax law to allow taxpayers to subtract day care costs from their income. This subtraction applies to amounts paid to a licensed child care program for child care in the taxable year. The bill defines "day care costs" and "licensed child care program" for clarity. This change takes effect for taxable years beginning after December 31, 2024.