| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; individual income; establishing a two-year income tax holiday |
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| 3 | 3 | | 1.3 for certain teachers. |
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| 4 | 4 | | 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 5 | 5 | | 1.5 Section 1. INCOME TAX HOLIDAY; TEACHERS. |
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| 6 | 6 | | 1.6 (a) Notwithstanding any law to the contrary, for taxable years beginning after December |
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| 7 | 7 | | 1.731, 2024, and before January 1, 2027, an individual who is an eligible teacher may elect to |
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| 8 | 8 | | 1.8receive an exemption from the individual income tax under Minnesota Statutes, chapter |
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| 9 | 9 | | 1.9290. |
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| 10 | 10 | | 1.10 (b) An eligible teacher who is eligible for a refundable credit in excess of the individual's |
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| 11 | 11 | | 1.11liability for tax may still file and claim a return for a taxable year covered by this section. |
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| 12 | 12 | | 1.12 (c) For the purposes of this section, "eligible teacher" means an individual who: |
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| 13 | 13 | | 1.13 (1) worked at least 1,000 hours in Minnesota as a teacher, as defined in Minnesota |
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| 14 | 14 | | 1.14Statutes, section 122A.06, subdivision 2, during the taxable year; and |
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| 15 | 15 | | 1.15 (2) had adjusted gross income during the taxable year that did not exceed $95,000, or |
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| 16 | 16 | | 1.16$190,000 for a married taxpayer filing a joint return. |
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| 17 | 17 | | 1.17 (d) The definitions in Minnesota Statutes, section 290.01, apply for this section. |
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| 18 | 18 | | 1.18 EFFECTIVE DATE.This section is effective for taxable years beginning after December |
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| 19 | 19 | | 1.1931, 2024, and before January 1, 2027. |
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| 20 | 20 | | 1Section 1. |
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| 21 | 21 | | REVISOR EAP/HL 25-0213901/24/25 |
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| 22 | 22 | | State of Minnesota |
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| 23 | 23 | | This Document can be made available |
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| 24 | 24 | | in alternative formats upon request |
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| 25 | 25 | | HOUSE OF REPRESENTATIVES |
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| 26 | 26 | | H. F. No. 377 |
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| 27 | 27 | | NINETY-FOURTH SESSION |
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| 28 | 28 | | Authored by Murphy and Bennett02/13/2025 |
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| 29 | 29 | | The bill was read for the first time and referred to the Committee on Taxes |
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