Income threshold increase for the child tax credit

This bill increases Minnesota's income threshold for the child tax credit, allowing more families to qualify for the full benefit. It raises the phaseout threshold to $45,490 for married couples filing jointly and $38,340 for other filers (up from $35,000 and $29,500, respectively), meaning families earning above these new levels will retain more of their credit. The bill also requires annual inflation adjustments to these thresholds starting in 2026, ensuring the credit remains accessible as costs rise. This directly affects low-to-moderate income families who claim the child tax credit but would have seen benefits reduced under the previous thresholds.