Individual income tax; student loan credit amount increased and credit made refundable.

HF 1933 increases Minnesota's student loan credit from $500 to $1,000 per taxpayer and makes the credit refundable. This means Minnesotans who paid eligible student loan interest or principal in 2025 or later can claim the full credit amount even if it exceeds their state tax bill, receiving a refund for the difference. The credit applies to individuals with qualifying student loans who meet income thresholds, including married couples filing jointly. The change takes effect for tax years beginning after December 31, 2024.