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MN SF2594
Bill
Status
Introduced
3/17/2025
Primary Sponsor
Omar Fateh
Click for details
AI Summary
- Increases the maximum student loan tax credit from $500 to $1,000 per eligible individual
- Converts the credit from nonrefundable to refundable, meaning taxpayers can receive the excess credit amount as a refund even if it exceeds their tax liability
- Appropriates funds from the general fund to the commissioner to pay the refunds
- Both spouses in a married couple remain eligible to claim the credit separately
- Effective for taxable years beginning after December 31, 2024
Legislative Description
Student loan income tax credit increase and making the credit refundable authorization
Last Action
Referred to Taxes
3/17/2025
Committee Referrals
Taxes3/17/2025
Full Bill Text
No bill text available