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S.F. No. 1107 - Credit for Early Retirement Plan Withdrawals for Long-Term Care Expenses
Author: Senator Gregory D. Clausen
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
Date: March 6, 2015


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amount of the ten percent additional federal tax applied to early withdrawals from qualified retirement plans if the withdrawn funds are used to pay for qualifying long-term care expenses or to pay premiums for long-term care insurance.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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