HF 882

as introduced - 84th Legislature (2005 - 2006) 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 2004, section 290.06, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2004, section 290.06, is
amended by adding a subdivision to read:

new text begin Subd. 32. 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, 2004.
new text end