MN SF2475

Allows Minnesota taxpayers to subtract from state taxable income amounts paid during the taxable year for medical care as defined in Internal Revenue Code section 213(d), effective for tax years beginning after December 31, 2011.

Excludes from the subtraction any amounts that were deducted or excluded from federal taxable income, including amounts covered by insurance, employer reimbursement, or employer-sponsored plans (health savings accounts, flexible spending accounts, cafeteria plans, etc.).

Prohibits use of medical expenses to claim both this subtraction and the federal health insurance premium credit under section 290.0672.

Amends Minnesota Statutes 2011 Supplement, section 290.01, subdivision 19b, by adding clause (19) to the list of allowable subtractions from federal taxable income for individuals, estates, and trusts.