SF1194

The bill, S.F. No. 1194, proposes a new tax credit for Minnesota residents related to certain educational expenses. If passed, this legislation would provide a tax credit to taxpayers for each qualifying child—defined as a child who is in kindergarten through grade 12, meets certain federal tax requirements, and receives education from a Minnesota school that is not a public school, as of January 1 of the taxable year. The amount of the tax credit would be based on a formula allowance linked to the school fiscal year beginning July 1 of the taxable year. In simple terms, this bill aims to give a financial benefit to Minnesota taxpayers who have children in non-public schools, reducing the amount they owe in state income taxes.