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MN HF3029

Bill

Official Source

Status

Introduced

3/13/2014

Primary Sponsor

Mary Franson

Click for details

Origin

House of Representatives

88th Legislature 2013-2014

AI Summary

  • Allows a state income tax credit for qualified individuals whose 2013 health insurance policies were terminated due to Affordable Care Act requirements and unavailable for 2014
  • Credit equals the difference between 2014 and 2013 health insurance premiums paid, minus any federal Affordable Care Act subsidies or tax credits received
  • Credit cannot be negative and may only be claimed once per qualified individual
  • Credit is refundable, with excess amounts over tax liability refunded to taxpayers by the commissioner
  • Appropriates sufficient funds from the general fund to cover required refunds, effective for taxable years 2014 only

Legislative Description

Affordable Care Act insurance premium increase income tax credit allowed, and money appropriated.

Last Action

Introduction and first reading, referred to Taxes

3/13/2014

Committee Referrals

Taxes3/13/2014

Full Bill Text

No bill text available