![]() Democrats say three quarters of Minnesotans on Social Security would not pay state taxes on it under the plan. Those who make less than $100,000 a year could subtract as much as $25,000. The proposal also allows for an income subtraction for people who receive public pensions. The bill would raise the annual income cap for the exemption to $100,000 for a single filer or $140,000 for a couple. A family of five could get a $1,300 tax rebate overall.Īnd more Minnesotans on Social Security would see their benefits exempt from state income taxes. Those with children could also get rebates for up to three of them. The tax bill would also send tax rebates of $260 to those who made up to $75,000 in 2021 or $520 for a married couple that made up to $150,000. Tax experts estimate that 265,000 Minnesotans could receive the child tax credits and the relief could reduce child poverty in the state by a third. Families that make more than that could see smaller credits depending on their income and how many kids they have. Joint filers that make $35,000 or less would get the maximum credit of $1,750 per child. The credits would be determined based on a person’s income and number of children or dependents. Included in the bill is a plan to issue child tax credits and working family tax credits to families with dependents.
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