SF 1075

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:39am

A bill for an act
relating to taxation; providing a higher education individual income tax credit;
appropriating money; amending Minnesota Statutes 2010, section 290.06, by
adding a subdivision.

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

Section 1.

Minnesota Statutes 2010, section 290.06, is amended by adding a
subdivision to read:

new text begin Subd. 36. new text end

new text begin Higher education credit. new text end

new text begin An individual may take a credit against the
tax due under this chapter equal to the amount of the lifetime learning credit for which
the taxpayer is eligible for the taxable year under section 25A of the Internal Revenue
Code, but only if the credit was taken for tuition and related expenses paid to an eligible
educational institution located in Minnesota. If the amount of the credit that the taxpayer
is eligible to receive under this subdivision exceeds the claimant's tax liability under this
chapter, the commissioner shall refund the excess to the claimant. An amount sufficient
to pay the refunds required by this section is annually appropriated to the commissioner
from the general fund.
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, 2010.
new text end