Bill Text: MN SF1075 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Higher education income tax credit establishment and appropriation
Sponsorship: Bipartisan Bill
Status: (Introduced - Dead) 2011-03-31 - Referred to Taxes [SF1075 Detail]
Download: Minnesota-2011-SF1075-Introduced.html
1.2relating to taxation; providing a higher education individual income tax credit;
1.3appropriating money; amending Minnesota Statutes 2010, section 290.06, by
1.4adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Higher education credit. An individual may take a credit against the
1.9tax due under this chapter equal to the amount of the lifetime learning credit for which
1.10the taxpayer is eligible for the taxable year under section 25A of the Internal Revenue
1.11Code, but only if the credit was taken for tuition and related expenses paid to an eligible
1.12educational institution located in Minnesota. If the amount of the credit that the taxpayer
1.13is eligible to receive under this subdivision exceeds the claimant's tax liability under this
1.14chapter, the commissioner shall refund the excess to the claimant. An amount sufficient
1.15to pay the refunds required by this section is annually appropriated to the commissioner
1.16from the general fund.
1.17EFFECTIVE DATE.This section is effective for taxable years beginning after
1.18December 31, 2010.
1.3appropriating money; amending Minnesota Statutes 2010, section 290.06, by
1.4adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Higher education credit. An individual may take a credit against the
1.9tax due under this chapter equal to the amount of the lifetime learning credit for which
1.10the taxpayer is eligible for the taxable year under section 25A of the Internal Revenue
1.11Code, but only if the credit was taken for tuition and related expenses paid to an eligible
1.12educational institution located in Minnesota. If the amount of the credit that the taxpayer
1.13is eligible to receive under this subdivision exceeds the claimant's tax liability under this
1.14chapter, the commissioner shall refund the excess to the claimant. An amount sufficient
1.15to pay the refunds required by this section is annually appropriated to the commissioner
1.16from the general fund.
1.17EFFECTIVE DATE.This section is effective for taxable years beginning after
1.18December 31, 2010.
