This bill amends Minnesota Statutes 2024, section 290.0682, to increase the student loan credit for eligible individuals from $500 to $1,000. The credit is calculated based on eligible loan payments, adjusted gross income, and earned income, ensuring that individuals can benefit from a more substantial tax relief. Additionally, the bill introduces a new subdivision that makes the credit refundable, meaning that if the credit amount exceeds the claimant's tax liability, the excess will be refunded to the claimant.

The effective date for these changes is set for taxable years beginning after December 31, 2024. This adjustment aims to provide greater financial support to individuals managing student loan debt, thereby enhancing the overall tax relief available to them. The bill also includes an appropriation from the general fund to cover the refunds required under the new refundable credit provision.

Statutes affected:
Introduction: 290.0682