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Minnesota Legislature

Office of the Revisor of Statutes

HF 1086

as introduced - 91st Legislature (2019 - 2020) Posted on 02/14/2019 03:20pm

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

Current Version - as introduced

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A bill for an act
relating to taxation; individual income; expanding the long-term care insurance
credit; amending Minnesota Statutes 2018, section 290.0672, subdivision 2.

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

Section 1.

Minnesota Statutes 2018, 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 deleted text begin25 percentdeleted text endnew text begin the amountnew text end of premiums paidnew text begin,new text end 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 endnew text begin $250new text end applies to each qualified beneficiary.
The maximum total credit allowed per year is deleted text begin$200deleted text end new text begin$500 new text endfor married couples filing joint
returns and deleted text begin$100deleted text endnew text begin $250new text end for 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, 2018.
new text end