New tax credits are now available thanks to a bill passed by the Legislature and signed into law by Gov. Pawlenty. Under the new law, at least 160,000 Minnesotans can take advantage of the new tax credits this year.
The new tax credits are available to some Minnesotans who are paying tuition at a higher education institution for themselves or their dependents, K-12 educators with out-of-pocket expenses for books and other classroom supplies, and military personnel. The changes are taking place now because they were approved at the federal level after the session adjourned in May 2006. State lawmakers had to wait until the beginning of this session to adopt these federal changes to Minnesota law.
For more information on these tax-code changes and to download a 2006 tax form, visit the Minnesota Department of Revenue Web site: http: //www,taxes.state.mn.us.
