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MN HF3318
Bill
Status
Introduced
3/17/2016
Primary Sponsor
Gregory Davids
Click for details
AI Summary
- Allows licensed teachers employed by Minnesota public schools a tax credit equal to 50 percent of qualified student loan payments made during the taxable year
- Qualified loan payments are limited to the lesser of actual payments made or the teacher's wages paid by a public school in Minnesota for that year
- Student loan payments must be made under federal income-driven repayment plans, including income-based repayment, income contingent repayment, PAYE, or REPAYE programs
- Makes the credit refundable, requiring the commissioner to pay any excess credit over tax liability as a refund to the teacher
- Appropriates funds from the general fund to cover refunds and becomes effective for taxable years beginning after December 31, 2015
Legislative Description
Teacher student loan payment tax credit allowed.
Last Action
Author added Slocum.
3/21/2016
Committee Referrals
Education Innovation Policy3/17/2016
Full Bill Text
No bill text available