Bill Text: MN SF195 | 2013-2014 | 88th Legislature | Introduced

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Bill Title: Military service income tax credit income-based reduction decrease

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2013-01-31 - Referred to Taxes [SF195 Detail]

Download: Minnesota-2013-SF195-Introduced.html

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A bill for an act

relating to taxation; income; military service credit; modifying income-based
reduction;amending Minnesota Statutes 2012, section 290.0677, subdivision 1a.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2012, section 290.0677, subdivision 1a, is amended to
read:
    Subd. 1a. Credit allowed; past military service. (a) A qualified individual is
allowed a credit against the tax imposed under this chapter for past military service. The
credit equals $750. The credit allowed under this subdivision is reduced by ten five percent
of adjusted gross income in excess of $30,000, but in no case is the credit less than zero.
    (b) For a nonresident or a part-year resident, the credit under this subdivision
must be allocated based on the percentage calculated under section 290.06, subdivision
2c, paragraph (e).
EFFECTIVE DATE.This section is effective for taxable years beginning after
December 31, 2012.