Minnesota child credit amount increase raises the credit per qualifying child from $1,750 to $2,000.

Minnesota SF5275 amends the state's individual income tax law to increase the amount of the Minnesota child credit from $1,750 to $2,000 per qualifying child. The bill also mandates that the commissioner of revenue annually adjust the credit amount for inflation starting from taxable years after December 31, 2025. The adjustments must be rounded to the nearest $60. This change takes effect for taxable years after December 31, 2025.

Minnesota child credit amount increase raises the credit per qualifying child from $1,750 to $2,000.

Minnesota SF5275 amends the state's individual income tax law to increase the amount of the Minnesota child credit from $1,750 to $2,000 per qualifying child. The bill also mandates that the commissioner of revenue annually adjust the credit amount for inflation starting from taxable years after December 31, 2025. The adjustments must be rounded to the nearest $60. This change takes effect for taxable years after December 31, 2025.