MN SF2499

Amends Minnesota Statutes section 290.01, subdivision 19 to conform state tax law to federal tax law regarding qualified student loan interest deductions.

Makes Section 221 of the Internal Revenue Code, as amended through January 3, 2013, effective for Minnesota taxable years beginning after December 31, 2013, allowing taxpayers to claim an above-the-line deduction for qualified student loan interest.

Incorporates federal effective dates and modifications to the Internal Revenue Code into Minnesota's definition of "net income" for individual income tax purposes.

Applies the provisions to regulated investment companies, real estate investment trusts, and designated settlement funds as defined under federal tax law.