Minnesota SF429 modifies education expense subtraction and credit provisions, increasing limits and adjusting for inflation.

Minnesota SF429 amends education expense subtraction and credit provisions. It increases the maximum subtraction for education-related expenses to $2,750 for students in kindergarten through grade 6 and $4,125 for students in grades 7 through 12. The bill also extends the credit to tuition, raises the maximum credit amount to $1,500 per qualifying child, and adjusts the credit and subtraction amounts and credit phaseout thresholds for inflation. The changes take effect for taxable years beginning after December 31, 2024.

Minnesota SF429 modifies education expense subtraction and credit provisions, increasing limits and adjusting for inflation.

Minnesota SF429 amends education expense subtraction and credit provisions. It increases the maximum subtraction for education-related expenses to $2,750 for students in kindergarten through grade 6 and $4,125 for students in grades 7 through 12. The bill also extends the credit to tuition, raises the maximum credit amount to $1,500 per qualifying child, and adjusts the credit and subtraction amounts and credit phaseout thresholds for inflation. The changes take effect for taxable years beginning after December 31, 2024.