HF 3318

as introduced - 93rd Legislature (2023 - 2024) Posted on 05/13/2023 09:28am

A bill for an act
relating to taxation; individual income; establishing a two-year income tax holiday
for certain teachers.

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

Section 1. new text begin INCOME TAX HOLIDAY; TEACHERS.
new text end

new text begin (a) Notwithstanding any law to the contrary, for taxable years beginning after December
31, 2022, and before January 1, 2025, an individual who is an eligible teacher may elect to
receive an exemption from the individual income tax under Minnesota Statutes, chapter
290.
new text end

new text begin (b) An eligible teacher who is eligible for a refundable credit in excess of the individual's
liability for tax may still file and claim a return for a taxable year covered by this section.
new text end

new text begin (c) For the purposes of this section, "eligible teacher" means an individual who:
new text end

new text begin (1) worked at least 1,000 hours in Minnesota as a teacher, as defined in Minnesota
Statutes, section 122A.06, subdivision 2, during the taxable year; and
new text end

new text begin (2) had adjusted gross income during the taxable year that did not exceed $95,000, or
$190,000 for a married taxpayer filing a joint return.
new text end

new text begin (d) The definitions in Minnesota Statutes, section 290.01, apply for this section.
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, 2022, and before January 1, 2025.
new text end