as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 02/08/2000 |
1.1 A bill for an act 1.2 relating to taxation; individual income; modifying the 1.3 long-term care insurance credit; amending Minnesota 1.4 Statutes 1998, section 290.0672, subdivision 1. 1.5 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.6 Section 1. Minnesota Statutes 1998, section 290.0672, 1.7 subdivision 1, is amended to read: 1.8 Subdivision 1. [DEFINITIONS.] (a) For purposes of this 1.9 section, the following terms have the meanings given. 1.10 (b) "Long-term care insurance" means a policy that: 1.11 (1) qualifies for a deduction under section 213 of the 1.12 Internal Revenue Code, disregarding the 7.5 percent income test; 1.13 or meets the requirements given in section 62A.46; or provides 1.14 similar coverage issued under the laws of another jurisdiction; 1.15 and 1.16 (2)does not havehas a lifetime long-term care benefit 1.17 limit of not less than $100,000; and 1.18 (3)includes inflation protection that meets or exceedshas 1.19 been offered in compliance with the inflation protection 1.20 requirements ofthe long-term care insurance model regulation1.21cited under section 7702B(g)(2)(A)(i)(x) of the Internal Revenue1.22Codesection 62S.23. 1.23 (c) "Qualified beneficiary" means the taxpayer or the 1.24 taxpayer's spouse. 1.25 (d) "Premiums deducted in determining federal taxable 2.1 income" means the lesser of (1) long-term care insurance 2.2 premiums that qualify as deductions under section 213 of the 2.3 Internal Revenue Code; and (2) the total amount deductible for 2.4 medical care under section 213 of the Internal Revenue Code. 2.5 Sec. 2. [EFFECTIVE DATE.] 2.6 Section 1 is effective for taxable years beginning after 2.7 December 31, 1999.