The bill, H.F. No. 1933, introduced in the Minnesota House of Representatives by Representative Gomez, proposes changes to the state's student loan credit under Minnesota Statutes 2024, section 290.0682, subdivision 2. The main changes are:

• Increase in the credit amount: The maximum allowable student loan credit is raised from $500 to $1,000.
• Refundability: The bill makes the credit refundable, meaning that if the credit exceeds the recipient's tax liability, the excess will be refunded to the taxpayer.
• Calculation Adjustments: The credit amount continues to be based on factors such as eligible loan payments, adjusted gross income, and earned income. The structure of the calculation remains largely unchanged but includes the increased credit cap.

The bill was read for the first time and referred to the Committee on Taxes for further consideration.