Student loan income tax credit increase and making the credit refundable authorization

This bill increases Minnesota's student loan tax credit from $500 to $1,000 per year and makes the credit refundable. It directly affects Minnesotans who paid eligible student loan interest or principal in 2025 or later, including those with adjusted gross income over $10,000. The credit is calculated based on loan payments minus 10% of income above $10,000, but capped at $1,000. If the credit exceeds a taxpayer's liability, the state will refund the difference using general fund money, effective for 2025 tax returns.