as introduced - 88th Legislature (2013 - 2014) Posted on 03/13/2014 02:42pm
Engrossments | ||
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Introduction | Posted on 03/13/2014 |
A bill for an act
relating to taxation; individual income; allowing an income tax credit for certain
insurance premium increases occurring in 2014; appropriating money.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) For purposes of this section, the following terms
have the meanings given.
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(b) "Affordable Care Act" means the provisions of Public Law 111-148 and of
Public Law 111-152.
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(c) "Qualified individual" means an individual whose calendar year 2013 health
insurance policy was terminated because it did not meet the requirements of the Affordable
Care Act and was not available for calendar year 2014 for reasons not attributable to
actions of the individual.
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(a) For taxable years beginning after December 31, 2013,
and before January 1, 2015, a qualified individual is allowed a credit against the tax due
under this chapter equal to the difference between the amount the individual paid for health
insurance for calendar year 2014 and the amount the individual paid for health insurance
for calendar year 2013, reduced by any subsidies, including tax credits, that the individual
received under the Affordable Care Act. In no case may the credit under this section be
less than zero. A qualified individual may claim the credit in this section one time only.
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(b) For a nonresident or part-year resident, the credit must be allocated based on the
percentage calculated under section 290.06, subdivision 2c, paragraph (e).
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(a) If the credit allowed under this
section exceeds the individual's liability under this chapter, the commissioner shall refund
the excess to the taxpayer.
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(b) An amount sufficient to pay the refunds required by this section is appropriated
from the general fund to the commissioner.
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This section is effective for taxable years beginning after
December 31, 2013, and before January 1, 2015.
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