Minnesota child credit baby bonus establishment

Minnesota's SF 2548 establishes a $400 "baby bonus" within the existing Minnesota Child Credit for taxpayers with newborns. The bill adds $400 to the credit amount for each qualifying child born during the taxable year, directly benefiting families with infants in that tax year. It specifies this bonus won't count toward the minimum credit amount and allows the commissioner to create a process for advance payments. The provision takes effect for taxable years beginning after December 31, 2024.