Bill > SF429

This bill modifies Minnesota's existing education expense tax provisions by increasing the subtraction and credit amounts for K-12 educational expenses. Specifically, the bill raises the maximum subtraction from $1,625 to $2,750 for students in kindergarten through 6th grade, and from $2,500 to $4,125 for students in grades 7-12. The bill expands the definition of education-related expenses to include tuition and adds provisions for annual inflation adjustments to these amounts. It also increases the income threshold for the education expense credit, with the maximum credit of $1,500 per qualifying child now being phased out more gradually as household income rises. The bill broadens the types of expenses that can be claimed, including tuition, transportation costs, and computer hardware for educational purposes. Additionally, the bill clarifies definitions of qualifying expenses and instructors, and ensures that the new provisions apply to taxable years beginning after December 31, 2024, allowing families to benefit from more generous educational expense tax benefits in the upcoming tax years.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0429&ssn=0&y=2025