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 have~~ has a lifetime long-term care benefit 
  1.18  limit of not less than $100,000~~; and~~ 
  1.19     ~~(3) includes inflation protection that meets or exceeds the~~ 
  1.20  ~~inflation protection requirements of the long-term care~~ 
  1.21  ~~insurance model regulation cited under section~~ 
  1.22  ~~7702B(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.