HF 1998

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; individual income; expanding the 
  1.3             long-term care credit; appropriating money; amending 
  1.4             Minnesota Statutes 2000, section 290.0672, subdivision 
  1.5             2, and by adding subdivisions.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 290.0672, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [CREDIT.] A taxpayer is allowed a credit against 
  1.10  the tax imposed by this chapter for long-term care insurance 
  1.11  policy premiums paid during the tax year.  The credit for each 
  1.12  policy equals 25 50 percent of premiums paid to the extent not 
  1.13  deducted in determining federal taxable income.  A taxpayer may 
  1.14  claim a credit for only one policy for each qualified 
  1.15  beneficiary.  A maximum of $100 applies to each qualified 
  1.16  beneficiary.  The maximum total credit allowed per year is $200 
  1.17  for married couples filing joint returns and $100 for all other 
  1.18  filers.  For a nonresident or part-year resident, the credit 
  1.19  determined under this section must be allocated based on the 
  1.20  percentage calculated under section 290.06, subdivision 2c, 
  1.21  paragraph (e). 
  1.22     [EFFECTIVE DATE.] This section is effective for taxable 
  1.23  years beginning after December 31, 2000. 
  1.24     Sec. 2.  Minnesota Statutes 2000, section 290.0672, is 
  1.25  amended by adding a subdivision to read: 
  2.1      Subd. 3.  [CREDIT REFUNDABLE.] If the amount of credit 
  2.2   which the claimant is eligible to receive under this section 
  2.3   exceeds the claimant's tax liability under this chapter, the 
  2.4   commissioner shall refund the excess to the claimant.  
  2.5      [EFFECTIVE DATE.] This section is effective for taxable 
  2.6   years beginning after December 31, 2000. 
  2.7      Sec. 3.  Minnesota Statutes 2000, section 290.0672, is 
  2.8   amended by adding a subdivision to read: 
  2.9      Subd. 4.  [APPROPRIATION.] An amount sufficient to pay the 
  2.10  refunds required by this section is appropriated to the 
  2.11  commissioner from the general fund.  
  2.12     [EFFECTIVE DATE.] This section is effective for taxable 
  2.13  years beginning after December 31, 2000.