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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1107 - Credit for Early Retirement Plan Withdrawals for Long-Term Care Expenses
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Author:
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Senator Gregory D. Clausen
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Prepared By:
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Nora Pollock, Senate Counsel (651/297-8066)
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Date:
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March 6, 2015
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This bill provides a refundable tax credit for the amount of the ten percent additional federal tax applied to early withdrawals from qualified retirement plans if the withdrawn funds are used to pay for qualifying long-term care expenses or to pay premiums for long-term care insurance. Under federal law, the additional tax is imposed if nonqualifying early withdrawals are made from the retirement plan. Effective beginning in tax year 2015.
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Check on the status of this bill
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Back to Senate Counsel and Research Bill Summaries page
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This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
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Last review or update: 03/06/2015
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