For more information contact: Mike Molzahn 651-296-1774
I’m sure many of you have been or will be shopping for back-to-school supplies like calculators, notebooks, pencils and more. Those costs can add up quickly, but did you know that you can save those receipts and use them for tax breaks on your 2015 state income tax returns?
The state of Minnesota offers tax breaks for school-related expenses for Kindergarten through 12th grade students attending public, private, and home schools.
Parents can choose one of two options: a refundable K-12 education credit or the K-12 education subtraction. Both programs reduce the tax parents pay and could provide a larger refund when filing a 2015 Minnesota Individual Income Tax Return.
The tax subtraction and credit cover expenses including paper, pens and notebooks, textbooks, computer hardware and software, after-school tutoring and educational summer camps, and rental or purchases of educational equipment such as calculators and musical instruments.
You may subtract $1,625 per qualifying child in grades K-6 and up to $2,500 per child in grades 7-12. To qualify for the credit, your household income must fall below $37,500 if you have 1 or 2 children, $39,500 for 3 children, $41,500 for 4 children and $43,500 for 5 children.
Here are two of the most important education-related measures passed during the 2015 legislative session:
General Education Formula: The state was able to meet school districts’ request for a 2% per pupil funding increase for the next two years. This is the amount of funding that schools requested to prevent teacher layoffs and increased class sizes. Our area will see an average increase of $343 per student over the next two years. That’s a critically important investment because we’re currently 24% below the funding levels we were at in 2003 when we factor inflation in.
Early Learning Scholarships: The state dedicated funds to increase the availability of early learning scholarships throughout our state, to ensure all kids have access to quality pre-K. Early learning has been proven to increase student success both in and out of the classroom.
If you have any questions about these measures, or other issues, please don’t hesitate contacting me. I appreciate hearing from you!
As always, thank you for the honor of being your voice at the Capitol.
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