SF 177

as introduced - 90th Legislature (2017 - 2018) Posted on 01/24/2017 08:42am

A bill for an act
relating to taxation; individual income; modifying the long-term care credit;
amending Minnesota Statutes 2016, section 290.0672, subdivision 2.

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

Section 1.

Minnesota Statutes 2016, 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 25 50 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 $100 $200 applies to each qualified beneficiary. The maximum
total credit allowed per year is $200 $400 for married couples filing joint returns and $100
$200 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).

EFFECTIVE DATE.

This section is effective for taxable years beginning after December
31, 2016.