HF 245

2nd Engrossment - 89th Legislature (2015 - 2016) Posted on 03/04/2015 12:25pm

A bill for an act
relating to taxation; individual income; allowing a tax credit for K-12 teachers
who complete a master's degree in a content area directly related to their
licensure field; appropriating money; proposing coding for new law in Minnesota
Statutes, chapter 290.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [290.0682] CREDIT FOR ATTAINING MASTER'S DEGREE IN
TEACHER'S LICENSURE FIELD.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section the following terms
have the meanings given them.
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new text begin (b) "Master's degree program" means a graduate level program at an accredited
university leading to a master of arts or science degree in a core content area directly
related to a qualified teacher's licensure field. To be eligible under this credit, a licensed
elementary school teacher must pursue and complete a master's degree program in a core
content area in which the teacher provides direct classroom instruction.
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new text begin (c) "Qualified teacher" means a K-12 teacher who:
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new text begin (1) currently holds a continuing license granted by the Minnesota Board of Teaching;
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new text begin (2) began a master's degree program after June 30, 2015; and
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new text begin (3) completes the master's degree program during the taxable year.
new text end

new text begin (d) "Core content area" means the academic subject of reading, English or language
arts, mathematics, science, foreign languages, civics and government, economics, arts,
history, or geography.
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new text begin Subd. 2. new text end

new text begin Credit allowed. new text end

new text begin (a) An individual who is a qualified teacher is allowed a
credit against the tax imposed under this chapter. The credit equals $2,500.
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new text begin (b) For a nonresident or a part-year resident, the credit under this subdivision
must be allocated based on the percentage calculated under section 290.06, subdivision
2c, paragraph (e).
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new text begin (c) A qualified teacher may claim the credit in this section only one time for each
master's degree program completed in a core content area.
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new text begin Subd. 3. new text end

new text begin Credit refundable. new text end

new text begin (a) If the amount of the credit for which an individual
is eligible exceeds the individual's liability for tax under this chapter, the commissioner
shall refund the excess to the individual.
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new text begin (b) The amount necessary to pay the refunds required by this section is appropriated
to the commissioner from the general fund.
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new text begin Subd. 4. new text end

new text begin Delayed payment of 2015 and 2016 credits. new text end

new text begin For master's degree
programs completed in taxable years beginning after December 31, 2014, and before
January 1, 2017, the individual may claim the corresponding credit in the taxable year
beginning after December 31, 2016, and before January 1, 2018, but not earlier. Credits
claimed for taxable years beginning after December 31, 2014, and before January 1, 2017,
are in addition to any credit allowed for the taxable year beginning after December 31,
2016, and before January 1, 2018.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2014.
new text end