Bill > SF186

This bill establishes a refundable income tax credit specifically designed to support teachers in Minnesota. The bill creates a new tax credit for eligible full-time and part-time K-12 teachers who hold valid teaching licenses and meet specific teaching service requirements. For full-year teachers earning less than $60,000, the credit is $15,000, while part-year teachers earning less than $30,000 can receive a $7,500 credit. Teachers earning above these threshold amounts are still eligible for a $2,000 credit. Teachers must complete at least 150 student contact days for full-year status or 75-149 days for part-year status, excluding days like parent-teacher conferences and professional development days. Employers must provide annual statements of qualifying wages to both the teacher and the tax commissioner by January 15th. If the credit amount exceeds the teacher's tax liability, the excess will be refunded. The bill also includes provisions for annual inflation adjustments to the threshold and credit amounts and allows for potential advance payments of the credit. The tax credit becomes effective for taxable years beginning after December 31, 2024, and applies to each spouse in a married couple, meaning both teachers in a household could potentially qualify.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0186&ssn=0&y=2025