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SF 855

as introduced - 89th Legislature (2015 - 2016) Posted on 03/12/2015 09:17am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to taxation; individual income; modifying the long-term care credit;
amending Minnesota Statutes 2014, section 290.0672, subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2014, 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 begin 25deleted text end new text begin 50new text end percent of premiums paid to the extent not deducted in
determining federal taxable income. A taxpayer may claim a credit for only one policy for
each qualified beneficiary. A maximum of deleted text begin $100deleted text end new text begin $200new text end applies to each qualified beneficiary.
The maximum total credit allowed per year is deleted text begin $200deleted text end new text begin $400new text end for married couples filing joint
returns and deleted text begin $100deleted text end new text begin $200new 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, 2014.
new text end