MN HF3751

Amends Minnesota tax law to allow individuals, estates, and trusts to subtract Social Security benefits from federal taxable income when calculating Minnesota state income tax.

Establishes education expense deductions of $1,625 per qualifying child in grades kindergarten-6 and $2,500 per child in grades 7-12 for tuition, textbooks, and transportation at eligible schools in Minnesota and neighboring states.

Adds 19 enumerated subtractions from federal taxable income including military compensation, organ donation expenses, job opportunity zone income, and Americorps educational awards.

Modifies the alternative minimum tax calculation by adjusting how interest income, tax preferences, and certain deductions are computed for purposes of the tentative minimum tax rate of 6.4 percent.

Effective for taxable years beginning after December 31, 2009.