as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am
|Introduction||Posted on 08/14/1998|
1.1 A bill for an act 1.2 relating to taxation; income; providing a credit for 1.3 long-term care insurance premiums; proposing coding 1.4 for new law in Minnesota Statutes, chapter 290. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. [290.0672] [LONG-TERM CARE INSURANCE CREDIT.] 1.7 A taxpayer is allowed a credit against the tax imposed by 1.8 this chapter for long-term care insurance policy premiums paid 1.9 during the tax year. The credit for each policy equals the 1.10 lesser of 25 percent of premiums paid or $100. A taxpayer may 1.11 claim a credit for only one policy for each qualified 1.12 beneficiary. The maximum total credit allowed any taxpayer is 1.13 $600 per year. For purposes of this section, "long-term care 1.14 insurance" has the meaning given in section 62A.46, and 1.15 "qualified beneficiary" means the taxpayer, spouse, taxpayer's 1.16 parent or step-parent, or spouse's parent or step-parent. For a 1.17 nonresident or part-year resident, the credit determined under 1.18 this section must be allocated based on the percentage 1.19 calculated under section 290.06, subdivision 2c, paragraph (e). 1.20 Sec. 2. [EFFECTIVE DATE.] 1.21 Section 1 is effective for taxable years beginning after 1.22 December 31, 1995.