The bill proposes an update to Minnesota's taxation code, specifically regarding the education credit for taxpayers. It introduces an option for taxpayers to receive an advance payment of their education credit, which amounts to half the credit received in the previous year, before the tax return is filed. New taxpayers with qualifying children can receive up to $750 per child in advance, but they must acknowledge that this could increase their tax liability if they don't have enough education-related expenses in the current year.

To be eligible for this advance, a taxpayer's income must not exceed certain limits set by the child credit rules. Applicants must submit their request for an advance payment by September 1 and payments will be made between July 1 and September 15 of that year. The bill also specifies that the total amount of the education credit for the year will be reduced by any advance payments received. If the advance payments are greater than the credit they are eligible for, the taxpayer will owe the difference in their taxes.