HF 665

as introduced - 90th Legislature (2017 - 2018) Posted on 01/30/2017 01:28pm

A bill for an act
relating to taxation; individual income; allowing a credit for certain expenses of
teachers; amending Minnesota Statutes 2016, section 290.06, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2016, section 290.06, is amended by adding a subdivision
to read:

new text begin Subd. 37. new text end

new text begin Credit for teacher expenses. new text end

new text begin (a) A credit is allowed against the tax imposed
under this chapter equal to 50 percent of the amount that the taxpayer is allowed to deduct
under section 62(a)(2)(D) of the Internal Revenue Code, as amended through December
31, 2015, for the taxable year.
new text end

new text begin (b) If the credit allowed under this subdivision exceeds the liability for tax under this
chapter, the commissioner shall pay the excess as a refund to the taxpayer.
new text end

new text begin (c) An amount sufficient to pay the refunds required by this subdivision is appropriated
from the general fund to the commissioner of revenue.
new text end

new text begin (d) For a nonresident or part-year resident, the credit determined under paragraph (a)
must be allocated using the percentage calculated under subdivision 2c, paragraph (e).
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, 2016.
new text end