Minnesota SF186 proposes a refundable income tax credit for eligible teachers.

Minnesota SF186 establishes a refundable income tax credit for eligible teachers. Eligible full-year teachers can receive up to $15,000 if their qualifying wages are below $60,000, or $2,000 if above. Eligible part-year teachers can receive up to $7,500 if their qualifying wages are below $30,000, or $2,000 if above. The commissioner may allow advance payments of the credit, which are deducted from the final credit amount. The credit is adjusted annually for inflation. The bill is effective for taxable years beginning after December 31, 2024.

Minnesota SF186 proposes a refundable income tax credit for eligible teachers.

Minnesota SF186 establishes a refundable income tax credit for eligible teachers. Eligible full-year teachers can receive up to $15,000 if their qualifying wages are below $60,000, or $2,000 if above. Eligible part-year teachers can receive up to $7,500 if their qualifying wages are below $30,000, or $2,000 if above. The commissioner may allow advance payments of the credit, which are deducted from the final credit amount. The credit is adjusted annually for inflation. The bill is effective for taxable years beginning after December 31, 2024.