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MN HF3460
Bill
Status
Introduced
2/17/2020
Primary Sponsor
Gregory Davids
Click for details
AI Summary
- Increases the maximum student loan tax credit from $500 to $1,000 per eligible individual in Minnesota.
- Credit is calculated as the least of four amounts: eligible loan payments minus 10 percent of adjusted gross income over $10,000; earned income for the year; interest portion of eligible loan payments plus 10 percent of original loan amount; or the maximum credit amount.
- Each spouse in a married couple is eligible to claim the credit separately.
- Part-year residents must allocate the credit based on their residency percentage under Minnesota tax law.
- Effective for taxable years beginning after December 31, 2019.
Legislative Description
Individual income student loan credit expanded.
Last Action
Author added Robbins
3/9/2020
Committee Referrals
Taxes2/17/2020
Full Bill Text
No bill text available