Minnesota Legislature
SF 463
as introduced - 92nd Legislature (2021 - 2022) Posted on 03/26/2021 09:39am
Current Version - as introduced
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A bill for an act
relating to taxation; individual income; expanding the long-term care insurance
credit; amending Minnesota Statutes 2020, section 290.0672, subdivision 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2020, section 290.0672, subdivision 2, is amended to read:
Subd. 2.
Credit.
A taxpayer is allowed a credit against the tax imposed by this chapter
for long-term care insurance policy premiums paid during the tax year. The credit for each
policy equals deleted text begin25 percentdeleted text endnew text begin the amountnew text end of premiums paid to the extent not deducted in
determining taxable net income. A taxpayer may claim a credit for only one policy for each
qualified beneficiary. A maximum of deleted text begin$100deleted text endnew text begin $250new text end applies to each qualified beneficiary. The
maximum total credit allowed per year is deleted text begin$200deleted text endnew text begin $500new text end for married couples filing joint returns
and deleted text begin$100deleted text endnew text begin $250new text end for all other filers. For a nonresident or part-year resident, the credit
determined under this section must be allocated based on the percentage calculated under
section 290.06, subdivision 2c, paragraph (e).
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2020.
new text end