Senate Tax Committee Debates Tax Credits for Education

The Senate Tax Committee met Thursday, March 2, to consider a number of bills dealing with income tax credits and appropriations for education. A good portion of the meeting focused on two bills that would provide income tax credits for student loan payments. One bill is sponsored by Senator Jeremy Miller, R-Winona, and the other by Senator Greg Clausen, DFL-Apple Valley. Both Senators are members of the Purple Caucus. Despite a recognition by the panel of the impact of student debt on students’ ensuing life choices, the cost of providing tax relief remains a sticking point.

Senator Clausen remarked, “We’ve sent a message to young people that the route to a better life is through education attainment, and I think we still believe that. We know that by 2020, seventy-seven percent of the jobs in Minnesota are going to require some type of a degree, or license, so that means higher education. And if that’s a requirement we know is needed for our state, I think we have to make sure we are contributing as a legislature and as a state to make sure that promise is kept and that we move ahead as a state.”