ST. PAUL, MN— Representative Greg Boe (R-Chanhassen) is helping Minnesota’s students by backing several pieces of legislation that will offer multiple options for their education pathway.
Through HF 4744, an education savings account would be created for Minnesota’s students. The money from the savings account can be used toward eligible nonpublic schools. Any money left over from providing tuition to these schools could be applied toward higher education costs in the future.
“Choice is key for parents and students when determining which educational environment is best for their individual situation,” Boe said. “An educational savings fund can be used to provide a family with additional options, so that students can be best served and provided the most quality education to fit their needs.”
Boe is also co-sponsoring HF 4692. This bill would allow K-12 scholarship donations to be tax-exempt.
“We need more incentives to encourage the community to donate toward these scholarships,” Boe said. “By providing a tax credit for these donations, both the community and the individual students will benefit.”
Donors would be issued a tax credit equal to 70% of the amount donated during the taxable year to the qualified foundation or public-school foundation.
The maximum annual credit is $21,000 for married joint filers for a one-year donation of $30,000; $10,500 for other individual filers for a one-year donation of $15,000. The maximum annual credit is $105,000 for corporate filers for a one-year donation of $150,000.
If passed, this bill would go into effect for taxable years after December 31, 2022.