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SF 3565

as introduced - 91st Legislature (2019 - 2020) Posted on 02/25/2020 09:26am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to taxation; individual income; expanding the student loan credit; amending
Minnesota Statutes 2018, section 290.0682, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2018, section 290.0682, subdivision 2, is amended to read:


Subd. 2.

Credit allowed.

(a) An eligible individual is allowed a credit against the tax
due under this chapter.

(b) The credit for an eligible individual equals the least of:

(1) eligible loan payments minus ten percent of an amount equal to adjusted gross income
in excess of $10,000, but in no case less than zero;

(2) the earned income for the taxable year of the eligible individual, if any;

(3) the sum of:

(i) the interest portion of eligible loan payments made during the taxable year; and

(ii) ten percent of the original loan amount of all qualified education loans of the eligible
individual; or

(4) deleted text begin$500deleted text endnew text begin $1,000new text end.

(c) For a part-year resident, the credit must be allocated based on the percentage calculated
under section 290.06, subdivision 2c, paragraph (e).

(d) In the case of a married couple, each spouse is eligible for the credit in this section.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2019.
new text end