MN HF61

Creates an "Equity and Opportunity in Education Tax Credit" allowing individuals and corporations to claim a credit equal to 70 percent of donations made to qualified foundations that award K-12 scholarships, transportation scholarships, or grants to eligible students.

Establishes maximum annual credits of $21,000 for married joint filers (for $30,000 donations), $10,500 for other individual filers (for $15,000 donations), and $105,000 for corporate filers (for $150,000 donations).

Limits eligibility to low-income and middle-income families (household income up to twice the reduced-price meal threshold) and children with disabilities; qualified scholarships capped at 70 percent of state average general education revenue per pupil unit.

Sets statewide credit cap at $35,000,000 per taxable year on a first-come, first-served basis; requires taxpayers to obtain credit certificates before making donations.

Imposes strict requirements on qualified foundations including financial accountability audits, criminal background checks, use of 95 percent of donations for scholarships or grants within one calendar year, and public reporting of student performance data by school.