Minnesota HF706 modifies K-12 education income tax provisions and extends tuition credits.

Minnesota HF706 modifies the K-12 education expense subtraction and credit, extending the credit to tuition. It increases the subtraction and credit amounts, raises the income phaseout for the credit, and adjusts the credit and subtraction amounts and credit phaseout thresholds for inflation. The bill defines education-related expenses and qualifying instructional fees or tuition. It also sets the maximum subtraction allowed under this subdivision and limits the credit for claimants with adjusted gross income over $70,000. The statutory year is taxable year 2025.

Minnesota HF706 modifies K-12 education income tax provisions and extends tuition credits.

Minnesota HF706 modifies the K-12 education expense subtraction and credit, extending the credit to tuition. It increases the subtraction and credit amounts, raises the income phaseout for the credit, and adjusts the credit and subtraction amounts and credit phaseout thresholds for inflation. The bill defines education-related expenses and qualifying instructional fees or tuition. It also sets the maximum subtraction allowed under this subdivision and limits the credit for claimants with adjusted gross income over $70,000. The statutory year is taxable year 2025.