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HF 285

as introduced - 92nd Legislature (2021 - 2022) Posted on 04/21/2022 01:44pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; individual income; expanding the long-term care insurance
credit; amending Minnesota Statutes 2020, section 290.0672, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 290.0672, subdivision 2, is amended to read:


Subd. 2.

Credit.

A taxpayer is allowed a credit against the tax imposed by this chapter
for long-term care insurance policy premiums paid during the tax year. The credit for each
policy equals deleted text begin 25 percentdeleted text end new text begin the amountnew text end of premiums paid to the extent not deducted in
determining taxable net income. A taxpayer may claim a credit for only one policy for each
qualified beneficiary. A maximum of deleted text begin $100deleted text end new text begin $250new text end applies to each qualified beneficiary. The
maximum total credit allowed per year is deleted text begin $200deleted text end new text begin $500new text end for married couples filing joint returns
and deleted text begin $100deleted text end new text begin $250new text end for all other filers. For a nonresident or part-year resident, the credit
determined under this section must be allocated based on the percentage calculated under
section 290.06, subdivision 2c, paragraph (e).

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after December
31, 2020.
new text end