Bill > SF4172

This bill modifies the eligibility for the student loan credit in Minnesota and makes the credit refundable. The key provisions are: 1. Expands the eligibility for the student loan credit to include not only the individual with the student loan, but also their parents or grandparents (referred to as "eligible family members") who make eligible loan payments. 2. Increases the maximum credit amount from $500 to $5,000 for both eligible individuals and eligible family members. 3. Phases out the credit for higher-income taxpayers, reducing it by $1 for every $6 of adjusted gross income over $130,000 for married couples filing jointly, and $1 for every $3 of modified adjusted gross income over $65,000 for all other filers. 4. Makes the credit refundable, meaning if the credit amount exceeds the taxpayer's liability, the excess will be refunded to them. The bill aims to provide more financial assistance to individuals and their families who have taken on student loans to finance their or their family member's undergraduate or graduate education at eligible postsecondary institutions.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF4172&ssn=0&y=2021