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S.F. No. 416 - Increase in K-12 Credit, Phaseout Amount, and Income Threshold
 
Author: Senator Carla J. Nelson
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: February 28, 2017



 

 

Section

Provision

1

Increases the maximum amount of the K-12 credit from $1,000 to $1,500 and increases the income threshold at which the credit begins to phase out from $33,500 to $50,000. Also increases the phaseout rate from $4 to $10 for every $1 of income over the threshold amount.
 

2

Provides for an inflation adjustment for the $50,000 income threshold in section 1.

The bill is effective beginning in tax year 2017.

 

 
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