1.1 	A bill for an act
1.2 	relating to taxation; adjusting long-term care insurance credit;amending 
1.3 	Minnesota Statutes 2008, section 290.0672, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2008, section 290.0672, subdivision 2, is amended to 
1.6 	read:
1.7 		Subd. 2.Credit. A taxpayer is allowed a credit against the tax imposed by this 
1.8 	chapter for long-term care insurance policy premiums paid during the tax year. The 
1.9 	credit for each policy equals 25 percent of premiums paid to the extent not deducted in 
1.10 	determining federal taxable income. A taxpayer may claim a credit for only one policy 
1.11 	for each qualified beneficiary. A maximum of $100 $1,000 applies to each qualified 
1.12 	beneficiary. The maximum total credit allowed per year is $200 $2,000 for married 
1.13 	couples filing joint returns and $100 $1,000 for all other filers. For a nonresident or 
1.14 	part-year resident, the credit determined under this section must be allocated based on the 
1.15 	percentage calculated under section 290.06, subdivision 2c, paragraph (e).  

1.16 	EFFECTIVE DATE. This section is effective for taxable years beginning after 
1.17 	December 31, 2008.