Amount increase of allowed expenses and income limits for the Minnesota education credit
Impact
This legislative change aims to enhance educational opportunities by alleviating some of the financial burdens associated with education. By increasing both the credit amounts and the income limits, SF2536 intends to support a broader range of families, empowering them to afford necessary educational expenses like tutoring, textbooks, and online learning resources. The adjustments to the credit structure could potentially lead to greater participation in educational enrichment activities, particularly for lower-income families.
Summary
SF2536 seeks to amend existing tax laws regarding the Minnesota education credit by increasing the amount of allowed education-related expenses and updating income limits for eligibility. The bill proposes raising the maximum credit allowed for families with qualifying children in kindergarten through grade 12 from previous levels, thereby providing more financial relief to families paying for education-related costs. Furthermore, it adjusts the income threshold for families to qualify for this tax credit, allowing more households to benefit from the program.
Contention
Despite the bill's clear intentions to support education financing, some contention exists around the revisions to the income thresholds. While the increase in eligibility is broadly seen as a positive step, critics may argue that this does not go far enough to address the needs of the most disadvantaged populations. Additionally, the specifics of what constitutes qualifying expenses could be a point of debate, particularly regarding administrative burdens placed on families to document expenditures and claim credits effectively.
Individual income tax provisions modified, K-12 education expense subtraction and credit modified, credit to tuition extended, subtraction and credit amounts increased, credit income phaseout increased, and credit and subtraction amounts and credit phaseout thresholds for inflation adjusted.
Health occupations: health professionals; permanent revocation of license or registration if convicted of sexual conduct under pretext of medical treatment; provide for. Amends sec. 16226 of 1978 PA 368 (MCL 333.16226). TIE BAR WITH: HB 4121'23
Payment rates established for certain substance use disorder treatment services, and vendor eligibility recodified for payments from the behavioral health fund.