Minnesota Alternative minimum tax credit
Some taxpayers who were required to pay Minnesota Alternative Minimum Tax (AMT) in a prior year, but not in the current year, may be eligible to claim the Minnesota AMT credit. In almost all cases, to be eligible for the AMT credit, the taxpayer would have had to pay federal AMT in the prior year and been eligible to claim the federal AMT credit in the current year.
Eligibility
Only a small portion of taxpayers who paid AMT in a prior year are eligible for the Minnesota AMT credit, To claim the credit, all or part of a taxpayer?s prior year AMT must be due to the inclusion of deferral items in the computation of alternative minimum taxable income. However, the majority of Minnesota?s taxpayers who did pay a prior year AMT did so because of exclusion items and not deferral items.
(Non)Refundable
Refundable
How To Claim
To determine if you qualify for the credit, you must first complete Schedule M1MT for the current year, even if it doesn?t apply, and then complete Schedule M1MTC. Be sure to include both schedules when filing Form M1.
Additional Info
http://www.taxes.state.mn.us/taxes/individ/forms/m1mtc.pdf
Alternative minimum tax credit