K-12 education income tax provisions modified, and tuition credit extension provided.

HF 706 modifies Minnesota's K-12 education tax benefits by increasing the maximum allowable subtraction (reducing taxable income) and credit for families with children in grades K-12. It raises the annual limits to $2,750 per child for grades K-6 and $4,125 for grades 7-12, extends the credit to cover tuition payments, and adds automatic annual inflation adjustments starting in 2025. The bill directly affects Minnesota taxpayers with qualifying K-12 children who claim these education-related tax benefits. These changes take effect for taxable years beginning after December 31, 2024.