MN HF1081

Allows individual taxpayers a nonrefundable tax credit equal to 75 percent of contributions made to school angel food service funds, with a maximum credit of $1,000 per taxable year.

Defines "school angel food service fund" as funds designed to provide assistance to students of limited financial means for purchasing school breakfasts and school lunches, operated by parent-teacher organizations, qualifying schools, or 501(c)(3) organizations.

Permits unused credits to carry forward to each of the ten succeeding taxable years, with excess credits applied first to the earliest eligible year.

Requires contributions to qualify for the credit only if made to funds associated with public or nonpublic schools eligible to participate in the national school lunch program but currently not participating.

Effective for taxable years beginning after December 31, 2014, with corresponding additions made to Minnesota individual and corporate income tax provisions to prevent double deductions.