MN SF684

Increases maximum student loan credit from $500 to $5,000 per eligible individual per tax year.

Raises income threshold for credit eligibility from $10,000 to $50,000 of adjusted gross income above which the credit applies.

Makes the student loan credit refundable, meaning taxpayers can receive a refund if the credit exceeds their tax liability.

Appropriates necessary funds from the general fund to cover refunds issued under the refundable credit provision.

Effective for taxable years beginning after December 31, 2022.