as introduced - 92nd Legislature (2021 - 2022) Posted on 02/18/2022 08:41am
A bill for an act
relating to higher education; providing an income tax subtraction for certain grants;
increasing funding for the grants to underrepresented student teachers program;
appropriating money; amending Minnesota Statutes 2020, section 290.0132, by
adding a subdivision; Laws 2021, First Special Session chapter 2, article 1, section
2, subdivisions 1, 26.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2020, section 290.0132, is amended by adding a subdivision
to read:
new text begin
The portion of a grant issued
under section 136A.1274 that is not used for qualified tuition and related expenses, as
defined in Internal Revenue Code, section 117, paragraph (b), clause (2), is a subtraction.
new text end
new text begin
This section is effective for taxable years beginning after December
31, 2021.
new text end
Laws 2021, First Special Session chapter 2, article 1, section 2, subdivision 1, is
amended to read:
Subdivision 1.Total Appropriation
|
$ |
271,702,000 |
$ |
deleted text begin
274,269,000 deleted text end new text begin 275,002,000 new text end |
The amounts that may be spent for each
purpose are specified in the following
subdivisions.
Laws 2021, First Special Session chapter 2, article 1, section 2, subdivision 26, is
amended to read:
Subd. 26.Grants to Underrepresented Student
|
1,000,000 |
deleted text begin
1,000,000
deleted text end
new text begin
1,733,000 new text end |
For grants to underrepresented student teachers
under Minnesota Statutes, section 136A.1274.
The commissioner may use no more than three
percent of the appropriation for administration
of the program.
The base for this appropriation is deleted text begin $1,125,000deleted text end new text begin
$1,733,000new text end in fiscal year 2024 and later.