HF 40

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxes; providing a credit for employer postsecondary education
expenses; amending Minnesota Statutes 2006, section 290.06, by adding a
subdivision.

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

Section 1.

Minnesota Statutes 2006, section 290.06, is amended by adding a
subdivision to read:

new text begin Subd. 34. new text end

new text begin Credit for employer education expenses. new text end

new text begin A taxpayer may take a credit
against the tax due under this chapter equal to 30 percent of the expense incurred by
the taxpayer for payment of tuition and fees for postsecondary education for qualifying
employees. The maximum credit allowed in any taxable year may not exceed $2,000 for
a qualifying employee. As used in this subdivision, "qualifying employee" means an
employee who works at least 30 hours per week at a pay rate of less than $12 per hour,
and "postsecondary education" means postsecondary educational programs for which
payment qualifies as "educational assistance" as defined in section 127(c) of the Internal
Revenue Code, but excluding programs leading to a law, business, medical, or other
advanced academic or professional degree.
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, 2006.
new text end