Minnesota Increases Dependent Care Credit

Effective for the 2017 tax year, Minnesota residents may see an increase in the dependent care credit they can take on their Minnesota return.

Increases in the state dependent care credit will now be equal to the federal credit. The credit would follow the phasedown of the federal credit and then be subject to the state phase out so that the maximum credit by AGI would be:

The state credit would remain refundable, as under current law. However, the income measure will change from household income to AGI (adjusted gross income).

 

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