as introduced - 92nd Legislature (2021 - 2022) Posted on 03/28/2022 06:41pm
Engrossments | ||
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Introduction | Posted on 01/31/2022 |
A bill for an act
relating to taxation; individual income; allowing a subtraction for employer student
loan payments; amending Minnesota Statutes 2020, section 290.0132, by adding
a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2020, section 290.0132, is amended by adding a subdivision
to read:
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(a) The amount of employer student loan
payments is a subtraction. The subtraction is limited to $5,250, except for a joint return the
limit is $10,500.
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(b) For the purposes of this section, "employer student loan payment" means a payment
by an employer, whether paid to the employee or to a lender, of principal or interest on any
qualified education loan, as defined in section 221(d)(1) of the Internal Revenue Code,
incurred by the employee for education of the employee.
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This section is effective for taxable years beginning after December
31, 2021.
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