Minnesota 2024 State Income Tax Update #5600
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policyengine_us/parameters/gov/states/mn/tax/income/amt/fractional_income_threshold.yaml
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I think we will need to separate this file into multiple parameter files:
Could you take a look at this doc to identify common parameter types that can be used
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More than happy to check-in on this to provide more guidance
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As I was trying to break down the different components that calculate a renter's credit I realized this credit applies to a "rent constituing property tax" but I don't think we have this property tax captured in Minnesota's taxes. Should I create a separate "general" property tax parameters file so then we apply the renter's credit to it, or should it simply be embedded in the renter's credit parameters?
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we can use real_estate_taxes
policyengine_us/parameters/gov/states/mn/tax/income/niit/rate.yaml
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policyengine_us/parameters/gov/states/mn/tax/income/niit/minimum_income.yaml
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| @@ -16,6 +16,8 @@ metadata: | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-01/m1m-22.pdf#page=4 | |||
| - title: 2023 Minnesota Schedule M1M, Income Additions and Subtractions, Line 12 worksheet | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-04/m1m-23_0.pdf#page=4 | |||
| - title: 2024 Minnesota Schedule M1M, Income Additions and Subtractions, Line 12 worksheet | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-12/m1m-24.pdf#page=4 | |||
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If the values did not change in 2023 and 2024 - should we then not apply the uprating for the following year? Or is there another reason why it remains static
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I'm not sure why these values did not undergo uprating this year but the 2023 and 2024 M1M files record the same exact values. I can update the files to capture that the values are supposed to remain the same regardless of uprating maybe? Something like:
JOINT:
values:
2021-01-01: 80_270
2022-01-01: 82_770
2023-01-01: 88_630
2024-01-01: 88_630
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We should go by the tax form values - but does the legal code describe any form of uprating for this program?
| @@ -15,3 +15,5 @@ metadata: | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2023-01/m1sa_22.pdf#page=7 | |||
| - title: 2023 Minnesota Schedule M1SA form, Worksheet for Line 26 | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2023-12/m1sa-23.pdf#page=7 | |||
| - title: 2024 Minnesota Schedule M1SA form, Worksheet for Line 26 | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-12/m1sa-24.pdf#page=7 | |||
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Update 2024 reference for MN standard deduction (base and extra). Parameters were already updated; however, we want to have the tax form reference. href: https://www.revenue.state.mn.us/sites/default/files/2024-12/m1-inst-24_0.pdf#page=12
| @@ -16,6 +16,8 @@ metadata: | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-01/m1m-22.pdf#page=4 | |||
| - title: 2023 Minnesota Schedule M1M, Income Additions and Subtractions, Line 12 worksheet | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-04/m1m-23_0.pdf#page=4 | |||
| - title: 2024 Minnesota Schedule M1M, Income Additions and Subtractions, Line 12 worksheet | |||
| href: https://www.revenue.state.mn.us/sites/default/files/2024-12/m1m-24.pdf#page=4 | |||
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We should go by the tax form values - but does the legal code describe any form of uprating for this program?
| @@ -10,11 +10,14 @@ metadata: | |||
| href: https://www.revisor.mn.gov/statutes/cite/290.0132#stat.290.0132.26 | |||
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While you are here, could you move the uprating to the general metadata and use the propagate_metadata_to_children metadata tag
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Could you do this for all Minnesota breakdown parameters where we currently uprate each individual entry
| @@ -0,0 +1,20 @@ | |||
| description: Minnesota taxes individuals with a net investment income for the given bracket. | |||
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| description: Minnesota taxes individuals with a net investment income for the given bracket. | |
| description: Minnesota taxes net investment income at the following rates. |
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| metadata: | ||
| period: year | ||
| unit: currency-USD |
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add type: marginal rate as well as threshold and rate units
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rename to rate.yaml
| unit: currency-USD | ||
| label: Minnesota minimum income for net investment income tax, Line 14 | ||
| reference: | ||
| - title: Minnesota Statutes 290.033 |
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| - title: Minnesota Statutes 290.033 | |
| - title: Minnesota Statutes 290.033 (b) |
| metadata: | ||
| period: year | ||
| unit: currency-USD | ||
| label: Minnesota minimum income for net investment income tax, Line 14 |
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| label: Minnesota minimum income for net investment income tax, Line 14 | |
| label: Minnesota net investment income tax rate |
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we can use real_estate_taxes
Fixes #5581
Updated 2024 tax thresholds.
Attempted to add the newly introduced Renter's Credit and NIIT. Need feedback on Renter's Credit files, I wasn't sure which information to include or left out.