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MN SF2982
Bill
Status
Introduced
3/21/2016
Primary Sponsor
Vicki Jensen
Click for details
AI Summary
- Allows Minnesota taxpayers who are teachers to claim a tax credit equal to 50 percent of the amount they are allowed to deduct under federal Internal Revenue Code section 62(a)(2)(D) for teacher expenses
- Credit is applied against Minnesota individual income tax liability under chapter 290.06
- If the credit exceeds tax liability, the excess amount is refunded to the taxpayer
- General fund appropriation is made to the Commissioner of Revenue to pay required refunds
- Effective for taxable years beginning after December 31, 2015
Legislative Description
Teacher expenses income tax credit
Last Action
Comm report: To pass and re-referred to Taxes
3/24/2016
Committee Referrals
Taxes3/24/2016
Education3/21/2016
Full Bill Text
No bill text available