HF 3544

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to expanding the long-term care credit; 
  1.3             appropriating money; amending Minnesota Statutes 1998, 
  1.4             section 290.0672, subdivision 2, and by adding 
  1.5             subdivisions. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1998, 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 the lesser of (1) 25 50 percent of premiums 
  1.13  paid to the extent not deducted in determining federal taxable 
  1.14  income; or (2) $100.  A taxpayer may claim a credit for only one 
  1.15  policy for each qualified beneficiary.  Only one credit may be 
  1.16  claimed by any taxpayer for each policy.  The maximum total 
  1.17  credit allowed per year is $200 for married couples filing joint 
  1.18  returns and $100 for all other filers.  For a nonresident or 
  1.19  part-year resident, the credit determined under this section 
  1.20  must be allocated based on the percentage calculated under 
  1.21  section 290.06, subdivision 2c, paragraph (e). 
  1.22     Sec. 2.  Minnesota Statutes 1998, section 290.0672, is 
  1.23  amended by adding a subdivision to read: 
  1.24     Subd. 3.  [CREDIT REFUNDABLE.] If the amount of credit 
  1.25  which the claimant is eligible to receive under this section 
  2.1   exceeds the claimant's tax liability under this chapter, the 
  2.2   commissioner shall refund the excess to the claimant. 
  2.3      Sec. 3.  Minnesota Statutes 1998, section 290.0672, is 
  2.4   amended by adding a subdivision to read: 
  2.5      Subd. 4.  [APPROPRIATION.] An amount sufficient to pay the 
  2.6   refunds required by this section is appropriated to the 
  2.7   commissioner from the general fund. 
  2.8      Sec. 4.  [EFFECTIVE DATE.] 
  2.9      Sections 1 to 3 are effective for taxable years beginning 
  2.10  after December 31, 1999.