as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 03/19/2001 |
1.1 A bill for an act 1.2 relating to taxation; individual income; expanding the 1.3 long-term care credit; appropriating money; amending 1.4 Minnesota Statutes 2000, section 290.0672, subdivision 1.5 2, and by adding subdivisions. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 2000, section 290.0672, 1.8 subdivision 2, is amended to read: 1.9 Subd. 2. [CREDIT.] A taxpayer is allowed a credit against 1.10 the tax imposed by this chapter for long-term care insurance 1.11 policy premiums paid during the tax year. The credit for each 1.12 policy equals2550 percent of premiums paidto the extent not1.13deducted in determining federal taxable income. A taxpayer may 1.14 claim a credit for only one policy for each qualified 1.15 beneficiary.A maximum of $100 applies to each qualified1.16beneficiary. The maximum total credit allowed per year is $2001.17for married couples filing joint returns and $100 for all other1.18filers.For a nonresident or part-year resident, the credit 1.19 determined under this section must be allocated based on the 1.20 percentage calculated under section 290.06, subdivision 2c, 1.21 paragraph (e). 1.22 [EFFECTIVE DATE.] This section is effective for taxable 1.23 years beginning after December 31, 2000. 1.24 Sec. 2. Minnesota Statutes 2000, section 290.0672, is 1.25 amended by adding a subdivision to read: 2.1 Subd. 3. [CREDIT REFUNDABLE.] If the amount of credit 2.2 which the claimant is eligible to receive under this section 2.3 exceeds the claimant's tax liability under this chapter, the 2.4 commissioner shall refund the excess to the claimant. 2.5 [EFFECTIVE DATE.] This section is effective for taxable 2.6 years beginning after December 31, 2000. 2.7 Sec. 3. Minnesota Statutes 2000, section 290.0672, is 2.8 amended by adding a subdivision to read: 2.9 Subd. 4. [APPROPRIATION.] An amount sufficient to pay the 2.10 refunds required by this section is appropriated to the 2.11 commissioner from the general fund. 2.12 [EFFECTIVE DATE.] This section is effective for taxable 2.13 years beginning after December 31, 2000.