Bill Text: MN HF3029 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Affordable Care Act insurance premium increase income tax credit allowed, and money appropriated.
Sponsorship: Partisan Bill (Republican 5)
Status: (Introduced - Dead) 2014-03-13 - Introduction and first reading, referred to Taxes [HF3029 Detail]
Download: Minnesota-2013-HF3029-Introduced.html
1.2relating to taxation; individual income; allowing an income tax credit for certain
1.3insurance premium increases occurring in 2014; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. AFFORDABLE CARE ACT INSURANCE PREMIUM INCREASE
1.6CREDIT.
1.7 Subdivision 1. Definitions. (a) For purposes of this section, the following terms
1.8have the meanings given.
1.9(b) "Affordable Care Act" means the provisions of Public Law 111-148 and of
1.10Public Law 111-152.
1.11(c) "Qualified individual" means an individual whose calendar year 2013 health
1.12insurance policy was terminated because it did not meet the requirements of the Affordable
1.13Care Act and was not available for calendar year 2014 for reasons not attributable to
1.14actions of the individual.
1.15 Subd. 2. Credit allowed. (a) For taxable years beginning after December 31, 2013,
1.16and before January 1, 2015, a qualified individual is allowed a credit against the tax due
1.17under this chapter equal to the difference between the amount the individual paid for health
1.18insurance for calendar year 2014 and the amount the individual paid for health insurance
1.19for calendar year 2013, reduced by any subsidies, including tax credits, that the individual
1.20received under the Affordable Care Act. In no case may the credit under this section be
1.21less than zero. A qualified individual may claim the credit in this section one time only.
1.22(b) For a nonresident or part-year resident, the credit must be allocated based on the
1.23percentage calculated under section 290.06, subdivision 2c, paragraph (e).
2.1 Subd. 3. Credit refundable; appropriation. (a) If the credit allowed under this
2.2section exceeds the individual's liability under this chapter, the commissioner shall refund
2.3the excess to the taxpayer.
2.4(b) An amount sufficient to pay the refunds required by this section is appropriated
2.5from the general fund to the commissioner.
2.6EFFECTIVE DATE.This section is effective for taxable years beginning after
2.7December 31, 2013, and before January 1, 2015.
1.3insurance premium increases occurring in 2014; appropriating money.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. AFFORDABLE CARE ACT INSURANCE PREMIUM INCREASE
1.6CREDIT.
1.7 Subdivision 1. Definitions. (a) For purposes of this section, the following terms
1.8have the meanings given.
1.9(b) "Affordable Care Act" means the provisions of Public Law 111-148 and of
1.10Public Law 111-152.
1.11(c) "Qualified individual" means an individual whose calendar year 2013 health
1.12insurance policy was terminated because it did not meet the requirements of the Affordable
1.13Care Act and was not available for calendar year 2014 for reasons not attributable to
1.14actions of the individual.
1.15 Subd. 2. Credit allowed. (a) For taxable years beginning after December 31, 2013,
1.16and before January 1, 2015, a qualified individual is allowed a credit against the tax due
1.17under this chapter equal to the difference between the amount the individual paid for health
1.18insurance for calendar year 2014 and the amount the individual paid for health insurance
1.19for calendar year 2013, reduced by any subsidies, including tax credits, that the individual
1.20received under the Affordable Care Act. In no case may the credit under this section be
1.21less than zero. A qualified individual may claim the credit in this section one time only.
1.22(b) For a nonresident or part-year resident, the credit must be allocated based on the
1.23percentage calculated under section 290.06, subdivision 2c, paragraph (e).
2.1 Subd. 3. Credit refundable; appropriation. (a) If the credit allowed under this
2.2section exceeds the individual's liability under this chapter, the commissioner shall refund
2.3the excess to the taxpayer.
2.4(b) An amount sufficient to pay the refunds required by this section is appropriated
2.5from the general fund to the commissioner.
2.6EFFECTIVE DATE.This section is effective for taxable years beginning after
2.7December 31, 2013, and before January 1, 2015.
