St. Paul, Minn. – Minnesota House and Senate negotiators agreed on a tax bill Friday afternoon, and it included a key provision creating a tax credit of up to $1,000 made available to Minnesotans with student loan debt. This concept was tirelessly championed by Rep. Jon Applebaum (DFL – Minnetonka) who released the following statement:
“This credit is an important step in the right direction for Minnesota students, graduates and their families. It will not only allow more people to become full participants in our economy, but this student loan debt tax credit will also help attract and retain bright and talented young people in our state. The rising costs of higher education and the resulting debt continues to burden millions of Minnesotans and will harmfully impact current and future generations if we fail to act.
“To be clear, much more work remains, and I hope we can soon expand upon this initiative to ensure more Minnesotans can take advantage of this credit and be able to afford to invest in themselves by continuing their education. For now though, I am grateful that my perseverance paid off and we can begin to reduce the costs to Minnesotans after obtaining degrees.”