Minnesota Bill Would Expand Child Tax Credit, Offer Free Filing

Tax legislation gaining momentum in the Minnesota House includes provisions expanding the child tax credit to families with 18-year-old dependents and directing the state to offer a “free-file” option for individual taxpayers.

The proposed law also creates a framework for possible enactment of worldwide combined reporting by corporate taxpayers in future years. Worldwide reporting would require businesses to calculate their taxes based on global income attributable to Minnesota. No state currently requires it, but Minnesota came close to enacting it last year.

The omnibus tax bill, HF 5247, was championed by Democrats in the House Taxes Committee, ...