MN tax credits- support for students

By Scout Nelson

As the new school year approaches, Governor Tim Walz is spotlighting essential tax relief measures designed to alleviate the financial burden of back-to-school preparations for Minnesota families.

These initiatives, the K-12 Education Subtraction and Credit, aim to reduce taxes and enhance refunds for parents of students from kindergarten through 12th grade.

“As a former teacher, I know that a child’s success in the classroom relies on access to the tools and materials on their supply list. But I also know the stress that can accompany back-to-school shopping,” said Governor Tim Walz.

He further explained that these programs are investments in children's education, easing the financial strain on families and contributing to Minnesota's goal of being the top state for children.

Lieutenant Governor Peggy Flanagan also highlighted the financial challenges of the back-to-school season. “The K-12 Education Credit will ensure that families don’t have to decide between their child’s school supplies and life’s other expenses.

This is another way that we are working to take the weight off families’ shoulders while setting kids up for future success,” she said.

Revenue Commissioner Paul Marquart detailed the process: “Claiming either the K-12 Education Subtraction or the K-12 Education Credit will financially benefit Minnesota families by reducing the tax they pay and could deliver a larger refund when filing a Minnesota income tax return.” 

The K-12 Education Subtraction allows deductions up to $1,625 for younger students and $2,500 for those in grades 7 to 12, focusing on school and extracurricular expenses.

Last year, the programs benefited over 161,000 Minnesota families, with substantial average credits and deductions, demonstrating the programs' significant impact on reducing educational expenses.

Photo Credit: pexels-nataliya-vaitkevich