MN SF1554

Creates a new Minnesota income tax credit for taxpayers with children attending nonpublic schools, equal to the state's per-pupil formula allowance (under section 126C.10, subdivision 2) multiplied by the number of qualifying students

Defines "qualifying student" as a taxpayer's qualifying child under federal tax code who receives full-time academic instruction (at least one semester) at a nonpublic school meeting Minnesota's compulsory attendance requirements

Limits the credit to the taxpayer's total tax liability for the year, with only one taxpayer permitted to claim the credit per student; noncustodial parents may claim with a court order or written declaration from the custodial parent

Prohibits the credit from being used to offset delinquent taxes, penalties, interest, or prior year tax liabilities, and exempts credit refunds from revenue recapture

Effective for taxable years beginning after December 31, 2024