SF 4639

as introduced - 93rd Legislature (2023 - 2024) Posted on 03/07/2024 04:37pm

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.

[290.0696] SCHOOL INSTRUCTION TAX CREDIT.

Subdivision 1.

Definitions.

(a) For purposes of this section, the following definitions
apply.

(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.

(c) "Qualifying child" means a child in kindergarten through grade 12 who:

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

(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.

Subd. 2.

Credit allowed; amount.

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.

EFFECTIVE DATE.

This section is effective for taxable years beginning after December
31, 2023.