Removes refundability of the child tax credit and working family credit in Minnesota.

The bill removes the refundability of the child tax credit and working family credit in Minnesota. It repeals sections of Minnesota Statutes that allowed for the refund of excess credits to claimants. The changes apply to taxable years beginning after December 31, 2024. The bill also amends the child tax credit to reduce the credit amount by any advance payments received and increases tax liability if advance payments exceed the credit amount.

Removes refundability of the child tax credit and working family credit in Minnesota.

The bill removes the refundability of the child tax credit and working family credit in Minnesota. It repeals sections of Minnesota Statutes that allowed for the refund of excess credits to claimants. The changes apply to taxable years beginning after December 31, 2024. The bill also amends the child tax credit to reduce the credit amount by any advance payments received and increases tax liability if advance payments exceed the credit amount.