MN SF186

Creates a refundable income tax credit of $15,000 for K-12 teachers earning less than $60,000 annually who complete at least 150 student contact days, or $7,500 for part-year teachers (75-149 contact days) earning less than $30,000

Teachers earning above the threshold amounts receive a reduced credit of $2,000

Eligible teachers must hold a valid Tier 1-4 teaching license from the Professional Educator Licensing and Standards Board and work at least 0.6 FTE

Employers must submit wage statements to the commissioner by January 15 each year, and teachers may elect to receive advance payments of the credit

Credit amounts and income thresholds will be adjusted annually for inflation beginning in taxable year 2025, effective for tax years starting after December 31, 2024