Text: H03420 Text: H03422 Text: H03400 - H03499 Text: H Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Amend House File 373 as follows: 1 2 #1. Page 1, by inserting after line 24 the 1 3 following: 1 4 "NEW SUBSECTION. 35. Subtract the amount of 1 5 premiums paid by the taxpayer for the renewal of a 1 6 long-term care insurance policy or contract certified 1 7 by the division of insurance pursuant to chapter 249G 1 8 which covers the taxpayer, taxpayer's spouse, or 1 9 dependent children. The taxpayer may elect to take 1 10 for premiums paid during the tax year the deduction 1 11 authorized by this subsection or the credit under 1 12 section 422.11." 1 13 #2. Page 1, by inserting before line 25 the 1 14 following: 1 15 "Sec. 100. NEW SECTION. 422.11 LONG-TERM CARE 1 16 INSURANCE CREDIT. 1 17 The tax imposed under this division, less the 1 18 credits allowed under sections 422.11A, 422.11B, 1 19 422.11C, 422.12, and 422.12B, shall be reduced by a 1 20 long-term care insurance credit. The amount of the 1 21 credit is equal to the first one hundred dollars paid 1 22 in premiums by the taxpayer during the tax year for 1 23 the renewal of a long-term care insurance policy or 1 24 contract certified by the division of insurance 1 25 pursuant to chapter 249G which covers the taxpayer, 1 26 taxpayer's spouse, or dependent children. Any amounts 1 27 paid in premiums for long-term coverage that are 1 28 claimed as a credit shall not be deducted as a medical 1 29 expense under section 422.9, subsection 2, or as 1 30 health insurance costs of self-employed individuals 1 31 under section 162(l) of the Internal Revenue Code. A 1 32 credit under this section for the premiums paid in the 1 33 tax year may not be taken if the taxpayer takes a 1 34 deduction under section 422.7, subsection 35, for 1 35 those premiums. 1 36 Any credit in excess of the tax liability for the 1 37 tax year is refundable. In lieu of claiming a refund, 1 38 the taxpayer may elect to have the overpayment shown 1 39 on the taxpayer's final, completed return credited to 1 40 the tax liability for the following tax year." 1 41 #3. Page 5, line 11, by inserting after the figure 1 42 "1" the following: ", 100,". 1 43 1 44 1 45 1 46 GREIG of Emmet 1 47 HF 373.201 76 1 48 mg/jj
Text: H03420 Text: H03422 Text: H03400 - H03499 Text: H Index Bills and Amendments: General Index Bill History: General Index
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