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S.F. No. 941 - Student Loan Credit
 
Author: Senator Jeremy R. Miller
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: February 28, 2017



 

This bill provides a refundable credit of up to $1,000 for eligible individuals ($2,000 for married joint filers) equal to a specified percentage of student loan payments in excess of ten percent of adjusted gross income. An eligible individual is an individual with qualified education loans related to an undergraduate or graduate degree at a postsecondary institution. Loans must have been incurred on behalf of the individual or individual’s spouse. The percentage of payments eligible for the credit for eligible individuals is 50 percent; for eligible individuals in a public service job (excluding public education), the percentage is 65 percent; and for eligible individuals in an education profession, the percentage is 75 percent. For spouses eligible at different percentage amounts, the credit must be calculated on the lowest applicable percentage amount. 

Effective beginning in tax year 2017.

 
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