ST. PAUL, Minn. (KTTC) - Gov. Mark Dayton on Wednesday signed a bill that will adjust Minnesota tax law to match the federal tax changes Congress made at the end of 2012.
The Minnesota House passed the so-called tax conformity measure earlier this week. The bill continues tax deductions for teacher expense, mortgage insurance premiums and college tuition.
According to a press release, here are the specific highlights of the bill, and to whom they apply:
• Minnesota Teachers. The educator expense deduction will be extended, which will allow 55,000 teachers to continue claiming the $250 reimbursement for personal, out-of-pocket classroom expenses.
• Minnesota Homeowners. Roughly 90,000 homeowners who claim an itemized deduction for mortgage insurance premiums will continue receiving those benefits.
• Minnesota College Students. The higher education tuition deduction is extended, allowing 60,000 students or parents of students to receive up to $4,000 in tax relief based on the tuition and fees they pay for post-secondary education.
• Senior Citizens. Minnesota seniors, who would otherwise need to recalculate the amount of social security benefits taxable in our state, will instead be allowed to transfer up to $100,000 from an IRA or Roth IRA directly to a qualified charity.
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