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HF 309

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

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

Bill Text Versions

Engrossments
Introduction Posted on 01/19/2005

Current Version - as introduced

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A bill for an act
relating to taxation; adjusting long-term care
insurance credit; amending Minnesota Statutes 2004,
section 290.0672, subdivision 2.

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

Section 1.

Minnesota Statutes 2004, 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 25 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$100 deleted text endnew text begin$500 new text endapplies to each qualified
beneficiary. The maximum total credit allowed per year is
deleted text begin $200 deleted text endnew text begin$1,000 new text endfor married couples filing joint returns
and deleted text begin$100 deleted text endnew text begin$500 new text endfor 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, 2004.
new text end