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MN Revenue Tax Changes for 2017

January 8, 2018

Gov. Dayton signed an omnibus tax bill that makes a number of changes to corporate income and personal income taxes, including establishing new subtraction modifications and new credits.  This is separate from adopting any changes related to the Tax Cuts and Jobs Act passed by Congress in late December 2017.

Here is a list for Individuals:

  1. Credit for attaining Master's Degree in Teacher's Licensure Field
  2. Student Loan Credit
  3. Credit for taxes paid to WI
  4. Section 529 Plan Credit and Subtraction
  5. Child and Dependent Care Credit
  6. Working Family Credit
  7. Discharge of Indebtedness for Education Loans Subtraction
  8. Social Security Benefits Subtraction
  9. First-time Home Buyer Savings Account Subtraction
  10. Accelerated Recognition of Certain Installment Sale Gains

Please contact us if you have questions.

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