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Minnesota Legislature

Office of the Revisor of Statutes

HF 260

as introduced - 90th Legislature (2017 - 2018) Posted on 01/26/2017 04:54pm

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; modifying the long-term care credit;
amending Minnesota Statutes 2016, section 290.0672, subdivision 2.

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

Section 1.

Minnesota Statutes 2016, 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 begin25deleted text endnew text begin 50new text end percent of premiums paid to the extent not deducted in determining
federal taxable income. A taxpayer may claim a credit for only one policy for each qualified
beneficiary. A maximum of deleted text begin$100deleted text endnew text begin $200new text end applies to each qualified beneficiary. The maximum
total credit allowed per year is deleted text begin$200deleted text endnew text begin $400new text end for married couples filing joint returns and deleted text begin$100deleted text endnew text begin
$200
new 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, 2016.
new text end