as introduced - 89th Legislature (2015 - 2016) Posted on 02/09/2015 03:52pm
Engrossments | ||
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Introduction | Posted on 01/29/2015 |
A bill for an act
relating to taxation; individual income; allowing a tax credit for penalties
imposed under the Affordable Care Act; appropriating money; proposing coding
for new law in Minnesota Statutes, chapter 290.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) For purposes of this section, the following terms
have the meanings given.
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(b) "Affordable Care Act" means the provisions of Public Law 111-148 and Public
Law 111-152.
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(c) "Penalty" means the penalty assessed for the taxable year for failing to meet the
minimum essential coverage requirement of section 5000A of the Internal Revenue Code.
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(d) "Qualified individual" means an individual subject to a penalty for the taxable
year under the Affordable Care Act's requirement to maintain minimum essential coverage.
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(a) A qualified individual is allowed a credit against the
tax due under this chapter equal to the penalty paid by the individual for the taxable year.
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(b) For a nonresident or part-year resident, the credit must be allocated based on the
percentage calculated under section 290.06, subdivision 2c, paragraph (e).
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(a) If the credit allowed under this
section exceeds the individual's liability under this chapter, the commissioner shall refund
the excess to the taxpayer.
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(b) An amount sufficient to pay the refunds required by this section is appropriated
from the general fund to the commissioner.
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This section is effective for taxable years beginning after
December 31, 2014.
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