HF 720

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; individual income; increasing 
  1.3             long-term care credit; amending Minnesota Statutes 
  1.4             2002, section 290.0672, subdivision 2. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2002, section 290.0672, 
  1.7   subdivision 2, is amended to read: 
  1.8      Subd. 2.  [CREDIT.] A taxpayer is allowed a credit against 
  1.9   the tax imposed by this chapter for long-term care insurance 
  1.10  policy premiums paid during the tax year.  The credit for each 
  1.11  policy equals 25 percent of premiums paid to the extent not 
  1.12  deducted in determining federal taxable income.  A taxpayer may 
  1.13  claim a credit for only one policy for each qualified 
  1.14  beneficiary.  A maximum of $100 $250 applies to each qualified 
  1.15  beneficiary.  The maximum total credit allowed per year 
  1.16  is $200 $500 for married couples filing joint returns 
  1.17  and $100 $250 for all other filers.  For a nonresident or 
  1.18  part-year resident, the credit determined under this section 
  1.19  must be allocated based on the percentage calculated under 
  1.20  section 290.06, subdivision 2c, paragraph (e). 
  1.21     [EFFECTIVE DATE.] This section is effective for taxable 
  1.22  years beginning after December 31, 2002.