Minnesota SF2594 increases the student loan income tax credit and makes it refundable.

Minnesota SF2594 amends the state's tax code to increase the student loan income tax credit and make it refundable. The credit amount is now the least of several options, including eligible loan payments minus a percentage of adjusted gross income over $10,000, the earned income for the taxable year, or $1,000. If the credit exceeds the tax liability, the excess is refunded. This change applies to taxable years beginning after December 31, 2024.

Minnesota SF2594 increases the student loan income tax credit and makes it refundable.

Minnesota SF2594 amends the state's tax code to increase the student loan income tax credit and make it refundable. The credit amount is now the least of several options, including eligible loan payments minus a percentage of adjusted gross income over $10,000, the earned income for the taxable year, or $1,000. If the credit exceeds the tax liability, the excess is refunded. This change applies to taxable years beginning after December 31, 2024.