MN HF245

Allows K-12 teachers holding a Minnesota Board of Teaching continuing license to claim a $2,500 tax credit for completing a master's degree in a core content area related to their licensure field after June 30, 2015.

Eligible core content areas include reading, English or language arts, mathematics, science, foreign languages, civics and government, economics, arts, history, and geography.

Credit is refundable, meaning excess credit amounts above tax liability are refunded to the individual from the general fund.

Teachers who completed master's degrees between January 1, 2015 and December 31, 2016 may claim the credit in tax year 2017, and may claim additional credits for degrees completed in later years.

Credit can be claimed only once per master's degree program completed; nonresidents and part-year residents have the credit allocated based on Minnesota income percentage.