MN HF4040

Taxpayers may elect to receive an advance payment of the K-12 education credit equal to half the credit amount received in the previous tax year, with applications due by September 1 and payments issued between July and September 15

First-time applicants with qualifying children may receive advance payments of up to $750 per child, but must certify awareness that insufficient education expenses could increase their tax liability

Eligibility requires adjusted gross income below the child credit phaseout threshold from the previous tax year

Advance payments reduce the taxpayer's education credit for the current year; if payments exceed the eligible credit amount, the difference is added to the taxpayer's tax liability

Commissioner of Revenue must submit a report by January 15, 2027 evaluating the feasibility, costs, and advantages/disadvantages of delivering advance payments via electronic benefits transfer card