SF 54

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

  1.1                          A bill for an act 
  1.2             relating to income tax; modifying the long-term care 
  1.3             insurance credit; amending Minnesota Statutes 1998, 
  1.4             section 290.0672, subdivision 2. 
  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 2, is amended to read: 
  1.8      Subd. 2.  [CREDIT.] A taxpayer is allowed a credit against 
  1.9   the tax imposed by this chapter for long-term care insurance 
  1.10  policy premiums paid during the tax year.  The credit for each 
  1.11  policy equals the lesser of (1) 25 percent of premiums paid to 
  1.12  the extent not deducted in determining federal taxable income; 
  1.13  or (2) $100 $500.  A taxpayer may claim a credit for only one 
  1.14  policy for each qualified beneficiary.  Only one credit may be 
  1.15  claimed by any taxpayer for each policy.  The maximum total 
  1.16  credit allowed per year is $200 $1,000 for married couples 
  1.17  filing joint returns and $100 $500 for all other filers.  For a 
  1.18  nonresident or part-year resident, the credit determined under 
  1.19  this section must be allocated based on the percentage 
  1.20  calculated under section 290.06, subdivision 2c, paragraph (e). 
  1.21     Sec. 2.  [EFFECTIVE DATE.] 
  1.22     Section 1 is effective for taxable years beginning after 
  1.23  December 31, 1998.