MN SF1315

Establishes an "Education Opportunity Credit" allowing Minnesota residents who graduated from in-state or reciprocity agreement postsecondary institutions to claim an income tax credit for qualified education loan payments.

Maximum credit equals the lesser of $4,000 in annual qualified education loan payments (principal and interest) or the maximum qualifying amount based on University of Minnesota Twin Cities undergraduate tuition and fees.

Credit is reduced by $1 for every $9 of household income exceeding $39,000, with married individuals required to file jointly to claim the credit.

Unused credit amounts may be carried forward for up to 10 consecutive taxable years following the year the credit was earned.

Effective for taxable years beginning after December 31, 2008.