Bill > HF2304

This bill establishes a refundable income tax credit for K-12 teachers in Minnesota, designed to provide financial support to educators with lower wages. The bill defines two categories of eligible teachers: full-year teachers (working at least 0.6 full-time equivalent and completing 150 student contact days) and part-year teachers (completing 75-149 student contact days), both requiring a valid teaching license. Full-year teachers earning less than $60,000 can receive a $15,000 credit, while part-year teachers earning less than $30,000 can receive a $7,500 credit. Teachers earning above these threshold amounts are eligible for a $2,000 credit. Employers must provide annual statements of qualifying wages to both teachers and the tax commissioner, and if the credit amount exceeds a 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. Married couples can each claim the credit, and the provisions will be effective for tax years beginning after December 31, 2024.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2304&ssn=0&y=2025