HF 3694

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to taxation; individual income; allowing a 
  1.3             credit for private passenger vehicle insurance 
  1.4             premiums; amending Minnesota Statutes 1996, section 
  1.5             290.06, by adding a subdivision. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 290.06, is 
  1.8   amended by adding a subdivision to read: 
  1.9      Subd. 26.  [MOTOR VEHICLE INSURANCE CREDIT.] (a) An 
  1.10  individual is allowed a credit against the tax imposed by this 
  1.11  section equal to the lesser of: 
  1.12     (1) the amount paid during the taxable year as a premium on 
  1.13  motor vehicle insurance; or 
  1.14     (2) $100 ($50 in the case of a married separate return). 
  1.15     (b) The amount of the credit under this subdivision is 
  1.16  limited to the liability for tax under this section for the 
  1.17  taxable year. 
  1.18     (c) For purposes of this section, motor vehicle insurance 
  1.19  means private passenger vehicle insurance, as defined in section 
  1.20  65B.001, that meets the requirement of section 65B.48. 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective for taxable years beginning after 
  1.23  December 31, 1997.