HF 2885

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  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.