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MN HF667
Bill
Status
2/9/2015
Primary Sponsor
Sarah Anderson
Click for details
AI Summary
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Increases the maximum K-12 education expense credit from $1,000 to $1,500 per qualifying child in kindergarten through grade 12.
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Raises the income threshold for the maximum credit from $33,500 to $50,000 for all claimants.
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Changes the credit reduction rate from $1 per $4 of income over the threshold to $1 per $10 of income over the threshold for families with one qualifying child.
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Establishes annual inflation adjustments to the income threshold beginning in 2016, using the Consumer Price Index with 2014 as the base year and rounding to the nearest $10.
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Effective for taxable years beginning after December 31, 2014.
Legislative Description
K-12 education expense credit modified, credit amount and income phaseout for the credit increased, and credit phaseout threshold adjusted for inflation.
Last Action
Author added Erhardt.
3/10/2015