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Minnesota Legislature

Office of the Revisor of Statutes

HF 976

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:43am

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

Bill Text Versions

Engrossments
Introduction Posted on 02/18/2009

Current Version - as introduced

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A bill for an act
relating to taxation; income taxes; increasing the long-term care insurance credit;
amending Minnesota Statutes 2008, section 290.0672, subdivision 2.

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

Section 1.

Minnesota Statutes 2008, 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$100deleted text end new text begin$1,000 new text endapplies to each qualified
beneficiary. The maximum total credit allowed per year is deleted text begin$200deleted text end new text begin$2,000 new text endfor married
couples filing joint returns and deleted text begin$100deleted text end new text begin$1,000 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, 2008.
new text end