SF 2418

as introduced - 90th Legislature (2017 - 2018) Posted on 05/22/2017 09:40am

A bill for an act
relating to taxation; individual income; providing a credit for teachers of concurrent
enrollment students.

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

Section 1. new text begin TEMPORARY INCOME TAX CREDIT FOR CONCURRENT
ENROLLMENT TEACHERS.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin (a) An individual who is a qualified teacher is allowed
a credit against the tax imposed under Minnesota Statutes, chapter 290. The credit equals
the amount of qualifying expenses paid by the individual, up to $2,500.
new text end

new text begin (b) For a nonresident or a part-year resident, the credit under this subdivision must be
allocated based on the percentage calculated under Minnesota Statutes, section 290.06,
subdivision 2c, paragraph (e).
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have the
meanings given them.
new text end

new text begin (b) "Qualified teacher" means a secondary school teacher teaching a concurrent
enrollment course authorized under Minnesota Statutes, section 124D.09.
new text end

new text begin (c) "Qualifying expenses" means tuition and fees included in federal taxable income and
paid by the qualifying teacher for a postsecondary course required to teach a concurrent
enrollment course authorized under Minnesota Statutes, section 124D.09.
new text end

new text begin Subd. 3. new text end

new text begin Credit refundable. new text end

new text begin (a) If the amount of the credit for which an individual is
eligible exceeds the individual's liability for tax under Minnesota Statutes, chapter 290, the
commissioner of revenue shall refund the excess to the individual.
new text end

new text begin (b) The amount necessary to pay the refunds required by this section is appropriated to
the commissioner of revenue 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, 2016, and before January 1, 2023.
new text end