as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to taxation; income; eliminating inflation 1.3 protection requirement of long-term care insurance 1.4 credit; amending Minnesota Statutes 1998, section 1.5 290.0672, subdivision 1. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 1998, section 290.0672, 1.8 subdivision 1, is amended to read: 1.9 Subdivision 1. [DEFINITIONS.] (a) For purposes of this 1.10 section, the following terms have the meanings given. 1.11 (b) "Long-term care insurance" means a policy that: 1.12 (1) qualifies for a deduction under section 213 of the 1.13 Internal Revenue Code, disregarding the 7.5 percent income test; 1.14 or meets the requirements given in section 62A.46; or provides 1.15 similar coverage issued under the laws of another jurisdiction; 1.16 and 1.17 (2)does not havehas a lifetime long-term care benefit 1.18 limit of not less than $100,000; and1.19(3) includes inflation protection that meets or exceeds the1.20inflation protection requirements of the long-term care1.21insurance model regulation cited under section1.227702B(g)(2)(A)(i)(x) of the Internal Revenue Code. 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 This act is effective for taxable years beginning after 2.7 December 31, 1999.