HF 4637

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/07/2024 02:44pm

A bill for an act
relating to taxation; individual income; providing a credit for certain instructional
expenses; 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 [290.0696] SCHOOL INSTRUCTION TAX CREDIT.
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 definitions
apply.
new text end

new text begin (b) "Credit allowance" means the amount of the formula allowance under section 126C.10,
subdivision 2, effective for the school fiscal year that begins July 1 of the taxable year.
new text end

new text begin (c) "Qualifying child" means a child in kindergarten through grade 12 who:
new text end

new text begin (1) meets the requirements of section 32(c)(3) of the Internal Revenue Code; and
new text end

new text begin (2) receives instruction consistent with section 120A.22, subdivision 9, from a Minnesota
school other than a public school under section 120A.05, subdivisions 9, 11, 13, and 17, as
of January 1 of the taxable year.
new text end

new text begin Subd. 2. new text end

new text begin Credit allowed; amount. new text end

new text begin A taxpayer who is a resident of Minnesota is allowed
a credit against the tax imposed by this chapter as provided in this section. The credit amount
equals the credit allowance multiplied by the number of qualifying children of the taxpayer.
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, 2023.
new text end