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HF 505

as introduced - 89th Legislature (2015 - 2016) Posted on 02/09/2015 03:54pm

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

Engrossments
Introduction Posted on 02/02/2015

Current Version - as introduced

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A bill for an act
 relating to taxation; individual income; allowing a tax credit for excess
advance premium credits required to be repaid 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:

Section 1.

new text begin [290.0661] AFFORDABLE CARE ACT CREDIT FOR REPAYMENT
OF EXCESS ADVANCE PREMIUM CREDITS.
 new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms
have the meanings given.
 new text end

new text begin (b) "Excess advance premium credit" means the amount required to be repaid as
provided in section 36B(f) of the Internal Revenue Code.
 new text end

new text begin (c) "Premium assistance credit" means the credit allowed under section 36B of the
Internal Revenue Code.
 new text end

new text begin (d) "Qualified individual" means an individual for whom the reconciliation of the
advance payment of the premium assistance credit and the premium assistance credit
allowed results in the required repayment of the excess advance premium credit.
 new text end

new text begin Subd. 2. new text end

new text begin Credit allowed. new text end

new text begin (a) A qualified individual is allowed a credit against the
tax due under this chapter equal to excess advance premium credit paid by the individual
for the taxable year.
 new text end

new text begin (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).
 new text end

new text begin Subd. 3. new text end

new text begin Credit refundable; appropriation. new text end

new text begin (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.
 new text end

new text begin (b) An amount sufficient to pay the refunds required by this section is appropriated
from the general fund to the commissioner.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2014.
 new text end