HF 2921

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to taxation; income; allowing a credit for 
  1.3             prescription drugs; appropriating money; proposing 
  1.4             coding 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.  [290.0676] [PRESCRIPTION DRUG CREDIT.] 
  1.7      Subdivision 1.  [CREDIT ALLOWED.] (a) A taxpayer is allowed 
  1.8   a credit against the tax imposed by this chapter if the 
  1.9   individual: 
  1.10     (1) is enrolled in Medicare part A or part B; and 
  1.11     (2) spends more than 15 percent of the individual's federal 
  1.12  adjusted gross income on prescription drugs during the taxable 
  1.13  year. 
  1.14     For purposes of this section, the term "prescription drugs" 
  1.15  has the meaning given in section 151.44, paragraph (d). 
  1.16     (b) The credit provided by this section is equal to the 
  1.17  amount, after any reimbursement, the individual has spent on 
  1.18  prescription drugs that exceeds the 15 percent threshold in 
  1.19  paragraph (a). 
  1.20     (c) For a nonresident or part year resident, the credit 
  1.21  must be allocated based on the percentage calculated under 
  1.22  section 290.06, subdivision 2c, paragraph (e).  
  1.23     Subd. 2.  [CREDIT REFUNDABLE.] If the amount of the credit 
  1.24  that a claimant is eligible to receive under this section 
  1.25  exceeds the claimant's tax liability under this chapter, the 
  2.1   commissioner shall refund the excess to the claimant. 
  2.2      Subd. 3.  [APPROPRIATION.] An amount sufficient to pay the 
  2.3   funds required by this section is appropriated to the 
  2.4   commissioner from the general fund. 
  2.5      Sec. 2.  [EFFECTIVE DATE.] 
  2.6      Section 1 is effective for taxable years beginning after 
  2.7   December 31, 1999.