Minnesota HF1933 increases the student loan credit amount and makes it refundable.

Minnesota HF1933 amends the state's tax code to increase the student loan credit amount from $500 to $1,000. The bill also makes the credit refundable, meaning if the credit exceeds the taxpayer's tax liability, the excess will be refunded. The credit is calculated based on eligible loan payments, earned income, and interest on loans. This change takes effect for taxable years beginning after December 31, 2024.

Minnesota HF1933 increases the student loan credit amount and makes it refundable.

Minnesota HF1933 amends the state's tax code to increase the student loan credit amount from $500 to $1,000. The bill also makes the credit refundable, meaning if the credit exceeds the taxpayer's tax liability, the excess will be refunded. The credit is calculated based on eligible loan payments, earned income, and interest on loans. This change takes effect for taxable years beginning after December 31, 2024.