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MN SF1122
Bill
Status
Introduced
2/2/2023
Primary Sponsor
Justin Eichorn
Click for details
AI Summary
- Increases the K-12 education expense subtraction limits from $1,625 to $2,600 for kindergarten through grade 6 and from $2,500 to $3,900 for grades 7 through 12
- Extends the education credit to include tuition and fees paid to attend qualifying schools, in addition to current education-related expenses
- Raises the income threshold for the education credit from $33,500 to $50,000 and increases the maximum credit from $1,000 to $1,500 per qualifying child
- Modifies the credit phaseout rates: reduces the phaseout from $1 per $4 of income to $1 per $6 of income for single qualifying child families, and from $2 per $4 to $1 per $3 for families with two or more qualifying children
- Requires annual inflation adjustments to both the subtraction amounts and credit thresholds beginning in taxable year 2023
Legislative Description
K-12 education expense subtraction and credit modification
Last Action
Referred to Taxes
2/2/2023
Committee Referrals
Taxes2/2/2023
Full Bill Text
No bill text available