SF 3809

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to taxes; individual income; providing a health insurance credit;
proposing coding for new law in Minnesota Statutes, chapter 290.

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

Section 1.

new text begin [290.0677] HEALTH INSURANCE CREDIT.
new text end

new text begin An individual is allowed a credit against the tax imposed by this chapter for health
insurance premiums paid during the tax year. The credit equals 50 percent of health
insurance premiums paid during the tax year in excess of $3,000. The maximum credit is
$2,000 for married couples filing joint returns, and $1,000 for all other filers. For purposes
of this section, "health insurance premiums" means premiums paid for a health plan, as
defined in section 62A.011, subdivision 3, obtained as an individual health plan. 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 end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2005.
new text end