1.1.................... moves to amend the ....... amendment (H2749A8) to H.F. No. 2749
1.2as follows:
1.3Page 1, after line 1, insert:
"1.4Page 9, after line 29, insert:

"1.5    Sec. 12. [290.0682] STUDENT LOAN CREDIT.
1.6    Subdivision 1. Definitions. (a) For purposes of this section, the following terms
1.7have the meanings given.
1.8    (b) "Eligible individual" means an individual who has one or more qualified
1.9education loans related to an undergraduate or graduate degree program at a postsecondary
1.10educational institution.
1.11    (c) "Modified adjusted gross income" has the meaning given in section 221(b)(2)(C)
1.12of the Internal Revenue Code.
1.13    (d) "Postsecondary educational institution" means a postsecondary institution
1.14eligible for state student aid under section 136A.103, or, if the institution is not located in
1.15this state, a postsecondary institution participating in the federal Pell Grant program under
1.16Title IV of the Higher Education Act of 1965, Public Law 89-329, as amended.
1.17    (e) "Qualified education loan" has the meaning given in section 221 of the Internal
1.18Revenue Code, but is limited to indebtedness incurred on behalf of the eligible individual
1.19or the eligible individual's spouse.
1.20    Subd. 2. Credit allowed; limitation. (a) An eligible individual or the parent of an
1.21eligible individual is allowed a credit against the tax due under this chapter.
1.22    (b) The credit for an eligible individual equals the amount the eligible individual
1.23paid during the taxable year to pay principal and interest on qualified education loans
1.24up to $1,000.
1.25    (c) The credit for the parent of an eligible individual equals the amount the parent
1.26of the eligible individual paid during the taxable year to pay principal and interest on
2.1qualified education loans of the eligible individual, up to $1,000, less the amount of credit
2.2allowed to the eligible individual under paragraph (b).
2.3    (d) For married couples filing joint returns, the maximum credit is reduced by $1 for
2.4every $6 of modified adjusted gross income in excess of $130,000. For all other filers,
2.5the maximum credit is reduced by $1 for every $3 of modified adjusted gross income in
2.6excess of $65,000. In no case is the maximum credit less than zero.
2.7(e) For a nonresident or part-year resident, the credit must be allocated based on the
2.8percentage calculated under section 290.06, subdivision 2c, paragraph (e).
2.9    Subd. 3. Credit refundable. If the amount of credit that an individual who is a
2.10resident or part-year resident of Minnesota is eligible to receive under this section exceeds
2.11the individual's tax liability under this chapter, the commissioner shall refund the excess
2.12to the individual. For nonresident taxpayers, the credit must not exceed the taxpayer's
2.13liability for tax under this chapter.
2.14    Subd. 4. Appropriation. An amount sufficient to pay the refunds required by this
2.15section is appropriated to the commissioner from the general fund.
2.16EFFECTIVE DATE.This section is effective for taxable years beginning after
2.17December 31, 2015.
""2.18Page 1, line 15, strike "and"
2.19Page 1, line 17, strike the period and insert "; and"
2.20Page 1, after line 17, insert:
"2.21(4) understand tax credits and deductions available to offset the cost of principal
2.22and interest payments on qualified education loans.
"