1.1 	A bill for an act
1.2 	relating to taxation; individual income; expanding the student loan credit;amending 
1.3 	Minnesota Statutes 2018, section 290.0682, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2018, section 290.0682, subdivision 2, is amended to read:
1.6 		Subd. 2.Credit allowed. (a) An eligible individual is allowed a credit against the tax 
1.7 	due under this chapter.
1.8 	(b) The credit for an eligible individual equals the least of:
1.9 	(1) eligible loan payments minus ten percent of an amount equal to adjusted gross income 
1.10 	in excess of $10,000, but in no case less than zero;
1.11 	(2) the earned income for the taxable year of the eligible individual, if any;
1.12 	(3) the sum of:
1.13 	(i) the interest portion of eligible loan payments made during the taxable year; and
1.14 	(ii) ten percent of the original loan amount of all qualified education loans of the eligible 
1.15 	individual; or
1.16 	(4) ~~$500~~ $1,000.
1.17 	(c) For a part-year resident, the credit must be allocated based on the percentage calculated 
1.18 	under section 290.06, subdivision 2c, paragraph (e).
1.19 	(d) In the case of a married couple, each spouse is eligible for the credit in this section.

2.1 	EFFECTIVE DATE. This section is effective for taxable years beginning after December 
2.2 	31, 2019.