Education Opportunity Income Tax Credit
Senator Greg Clausen (DFL-Apple Valley) is working on a bill that would provide a refundable credit for Minnesota college graduates. The bill would allow for a credit of up to $4,000 to be given to Minnesota graduates of two or four year post-secondary institutions, with the credit going towards paying the principal and interest of student loans.
“One message I hear from my constituents is that our college students need help with the increasing cost of higher education,” said Sen. Clausen. “The cost of tuition coupled with the downturn in the economy and job market is a serious cause for concern. If we want our students to invest in their future with a college degree, we can’t financially bury them in the process.”
Senator Clausen’s credit would also apply to businesses. If passed, employers that make qualifying educational loan payments on the behalf of an eligible individual employee could take advantage of the credit.
“We need to send a message that higher education is a good investment for our students and for our state,” said Sen. Clausen. “This is just one idea, but I hope we can build upon it and continue to invest in our college students this legislative session.”
For more information on this legislation or any other legislative issues, contact Sen. Clausen by calling (651) 296-4120 or by emailing firstname.lastname@example.org.