290.067 DEPENDENT CARE CREDIT. Subdivision 1. Amount of credit. (a) A taxpayer may take as a credit against the tax due from the taxpayer and a spouse, if any, under this chapter an amount equal to the dependent care credit for which the taxpayer is eligible pursuant to the provisions of section 21 of the […]
290.0671 MINNESOTA WORKING FAMILY CREDIT. Subdivision 1. Credit allowed. (a) An individual who is a resident of Minnesota is allowed a credit against the tax imposed by this chapter equal to a percentage of earned income. To receive a credit, a taxpayer must be eligible for a credit under section 32 of the Internal Revenue […]
290.0672 LONG-TERM CARE INSURANCE CREDIT. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) “Long-term care insurance” means a policy that: (1) qualifies for a deduction under section 213 of the Internal Revenue Code, disregarding the adjusted gross income test; or meets the requirements given in section […]
290.0674 MINNESOTA EDUCATION CREDIT. Subdivision 1. Credit allowed; definitions. An individual is allowed a credit against the tax imposed by this chapter in an amount equal to 75 percent of the amount paid for education-related expenses for a qualifying child in kindergarten through grade 12. For purposes of this section, “education-related expenses” means: (1) fees […]
290.0675 MARRIAGE PENALTY CREDIT. Subdivision 1. Definitions. (a) For purposes of this section the following terms have the meanings given. (b) “Earned income” means the sum of the following, to the extent included in Minnesota taxable income: (1) earned income as defined in section 32(c)(2) of the Internal Revenue Code; (2) income received from a […]
290.0677 MILITARY SERVICE CREDITS. Subdivision 1. Credit allowed; current military service. (a) An individual is allowed a credit against the tax due under this chapter equal to $59 for each month or portion thereof that the individual was in active military service in a designated area after September 11, 2001, and before January 1, 2009, […]
290.0679 ASSIGNMENT OF REFUND. Subdivision 1. Definitions. (a) “Qualifying taxpayer” means a resident who has a child in kindergarten through grade 12 in the current tax year and who met the income requirements under section 290.0674, subdivision 2, for receiving the education credit in the tax year preceding the assignment of the taxpayer’s refund. (b) […]
290.068 CREDIT FOR INCREASING RESEARCH ACTIVITIES. Subdivision 1. Credit allowed. A corporation, partners in a partnership, or shareholders in a corporation treated as an S corporation under section 290.9725 are allowed a credit against the tax computed under this chapter for the taxable year equal to: (a) ten percent of the first $2,000,000 of the […]
290.0681 CREDIT FOR HISTORIC STRUCTURE REHABILITATION. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) “Account” means the historic credit administration account in the special revenue fund. (c) “Office” means the State Historic Preservation Office of the Department of Administration. (d) “Project” means rehabilitation of a certified […]
290.0682 STUDENT LOAN CREDIT. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) “Adjusted gross income” means federal adjusted gross income as defined in section 62 of the Internal Revenue Code. (c) “Earned income” has the meaning given in section 290.0675, subdivision 1, paragraph (b). (d) “Eligible […]
290.0683 MINNESOTA HOUSING TAX CREDIT. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given. (b) “Agency” means the Minnesota Housing Finance Agency. (c) “Minnesota housing tax credit contribution account” or “account” means the account established in section 462A.40. (d) “Qualified project” means a project that qualifies for a […]
290.0684 SECTION 529 PLAN CREDIT. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given them. (b) “Contribution” means the amount contributed to one or more qualified accounts except that the amount: (1) is reduced by any withdrawals or distributions, other than transfers or rollovers to another qualified account, […]
290.0685 CREDIT FOR PARENTS OF STILLBORN CHILDREN. Subdivision 1. Credit allowed. (a) An individual is allowed a credit against the tax imposed by this chapter equal to $2,000 for each birth for which a certificate of birth resulting in stillbirth has been issued under section 144.2151. The credit under this section is allowed only in […]
290.0686 CREDIT FOR ATTAINING MASTER’S DEGREE IN TEACHER’S LICENSURE FIELD. Subdivision 1. Definitions. (a) For purposes of this section, the following terms have the meanings given them. (b) “Master’s degree program” means a graduate-level program at an accredited university leading to a master of arts or science degree in a core content area directly related […]
290.0692 SMALL BUSINESS INVESTMENT CREDIT. Subdivision 1. Definitions. For purposes of this section, terms defined in section 116J.8737 have the meaning given in that section. Subd. 2. Credit allowed. A qualified investor is allowed a credit against the tax imposed under this chapter for qualified investments made in a qualified small business for the taxable […]
290.07 NET INCOME; COMPUTATION, ACCOUNTING PERIOD. Subdivision 1. Annual accounting period. Net income and taxable net income shall be computed upon the basis of the taxpayer’s annual accounting period. If a taxpayer has no annual accounting period, or has one other than a fiscal year, the net income and taxable net income shall be computed […]
290.0802 SUBTRACTION FOR THE ELDERLY AND DISABLED. Subdivision 1. Definitions. For purposes of this section, the following terms have the meanings given. (a) “Adjusted gross income” means federal adjusted gross income as used in section 22(d) of the Internal Revenue Code for the taxable year, plus a lump-sum distribution as defined in section 402(e)(3) of […]
290.081 INCOME OF NONRESIDENTS, RECIPROCITY. (a) The compensation received for the performance of personal or professional services within this state by an individual whose residence, place of abode, and place customarily returned to at least once a month is in another state, shall be excluded from gross income to the extent such compensation is subject […]
290.091 ALTERNATIVE MINIMUM TAX ON PREFERENCE ITEMS. Subdivision 1. Imposition of tax. In addition to all other taxes imposed by this chapter a tax is imposed on individuals, estates, and trusts equal to the excess (if any) of (a) an amount equal to 6.75 percent of alternative minimum taxable income after subtracting the exemption amount, […]
290.0921 CORPORATE ALTERNATIVE MINIMUM TAX AFTER 1989. Subdivision 1. Tax imposed. In addition to the taxes computed under this chapter without regard to this section, the franchise tax imposed on corporations includes a tax equal to the excess, if any, for the taxable year of: (1) 5.8 percent of Minnesota alternative minimum taxable income; over […]
