MN SF3089

Amends Minnesota income tax law to create a tax subtraction for taxpayers who enter into collaborative vocational training agreements with qualifying schools.

Qualifying schools include non-profit secondary schools in Minnesota, North Dakota, South Dakota, Iowa, or Wisconsin, and postsecondary institutions eligible for state student aid or participating in federal Pell Grant program.

Taxpayers must apply to the commissioner of education or higher education for certification of the collaborative vocational training agreement; qualifying schools must certify education cost savings realized from the agreement.

Subtraction amount equals the lesser of: (1) education cost savings certified by the qualifying school, or (2) an amount to be determined (left blank in introduced version).

Effective for taxable years beginning after December 31, 2018; applies to both individual income tax (section 290.0132) and corporate franchise tax (section 290.0134).