Minnesota child credit baby bonus establishment

This bill establishes a baby bonus within the Minnesota child credit, increasing the credit amount by $400 for each qualifying child born during the taxable year. The commissioner must disregard these credit amounts 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 child credit baby bonus establishment

This bill establishes a baby bonus within the Minnesota child credit, increasing the credit amount by $400 for each qualifying child born during the taxable year. The commissioner must disregard these credit amounts 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.