Minnesota HF2304 establishes a refundable income tax credit for eligible teachers.

Minnesota HF2304 creates a refundable income tax credit for eligible teachers. Full-year teachers with qualifying wages under $60,000 receive a $15,000 credit, while part-year teachers with wages under $30,000 receive $7,500. Teachers with wages exceeding these thresholds receive $2,000. The credit is refundable, with excess refunds paid from the general fund. The commissioner adjusts credit amounts annually for inflation. Eligible teachers include those with valid licenses and specified student contact days. Employers must report qualifying wages by January 15 each year.

Minnesota HF2304 establishes a refundable income tax credit for eligible teachers.

Minnesota HF2304 creates a refundable income tax credit for eligible teachers. Full-year teachers with qualifying wages under $60,000 receive a $15,000 credit, while part-year teachers with wages under $30,000 receive $7,500. Teachers with wages exceeding these thresholds receive $2,000. The credit is refundable, with excess refunds paid from the general fund. The commissioner adjusts credit amounts annually for inflation. Eligible teachers include those with valid licenses and specified student contact days. Employers must report qualifying wages by January 15 each year.