Minnesota SF 1194: Forests of the future program bond issue and appropriation

Bill Text

1.1 A bill for an act​
1.2 relating to taxation; individual income; providing a credit for certain instructional​
1.3 expenses; proposing coding for new law in Minnesota Statutes, chapter 290.​
1.4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:​
1.5 Section 1. [290.0696] SCHOOL INSTRUCTION TAX CREDIT.​
1.6 Subdivision 1.Definitions.(a) For purposes of this section, the following definitions​
1.7 apply.​
1.8 (b) "Credit allowance" means the amount of the formula allowance under section 126C.10,​
1.9 subdivision 2, effective for the school fiscal year that begins July 1 of the taxable year.​
1.10 (c) "Qualifying child" means a child in kindergarten through grade 12 who:​
1.11 (1) meets the requirements of section 32(c)(3) of the Internal Revenue Code; and​
1.12 (2) receives instruction consistent with section 120A.22, subdivision 9, from a Minnesota​
1.13 school other than a public school under section 120A.05, subdivisions 9, 11, 13, and 17, as​
1.14 of January 1 of the taxable year.​
1.15 Subd. 2.Credit allowed; amount.A taxpayer who is a resident of Minnesota is allowed​
1.16 a credit against the tax imposed by this chapter as provided in this section. The credit amount​
1.17 equals the credit allowance multiplied by the number of qualifying children of the taxpayer.​
1.18 EFFECTIVE DATE.This section is effective for taxable years beginning after December​
1.19 31, 2024.​
1​Section 1.​
25-02262 as introduced​01/24/25 REVISOR EAP/ES​
SENATE​
STATE OF MINNESOTA​
S.F. No. 1194​NINETY-FOURTH SESSION​
(SENATE AUTHORS: WESENBERG and Lieske)​
OFFICIAL STATUS​D-PG​DATE​
Introduction and first reading​333​02/10/2025​
Referred to Taxes​