SAINT PAUL, Minn. - Today, the Minnesota House Taxes Committee passed two bills, HF 443 and HF 754, to tackle the student loan debt crisis authored by Rep. Kaohly Vang Her (DFL - St. Paul). HF 443 modifies the existing student loan tax credit in three ways. It increases the max credit from $500 to $5,000, increases the student loan income threshold, and makes this tax credit refundable. HF 754 puts Minnesota in conformity with the federal government’s Student Loan Relief Program.
“In 2019, 50,900 people benefitted from this credit. Under our bill, an additional 132,400 Minnesotans would be eligible,” said Rep. Her. “I believe these bills take a holistic approach to building the future of our state. We need to retain and attract talent here in Minnesota and we can do that with a great student loan credit program.”
These bills were laid over for further consideration by the House Taxes Committee.
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