Inflation adjustment repeal for the child tax credit and working family credit

This bill repeals Minnesota's automatic inflation adjustments for two state tax credits: the child tax credit and the working family credit. It removes the requirement that the credit amounts and income thresholds be updated annually to match inflation, as currently mandated by law. As a result, these credits will no longer automatically increase with inflation for families claiming them after 2024. The change directly affects Minnesota families who qualify for these credits, as their benefit amounts will remain fixed at current levels without future inflation adjustments. The bill takes effect for taxable years beginning after December 31, 2024.