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SF 3221

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/18/2022 08:53am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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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:

Section 1.

Minnesota Statutes 2020, section 290.0132, is amended by adding a subdivision
to read:


new text begin Subd. 31. new text end

new text begin Employer student loan payments. new text end

new text begin (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.
new text end

new text begin (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.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2021.
new text end