The bill amends Minnesota Statutes 2022, section 290.0672, subdivision 2, to increase the maximum credit amount for long-term care insurance premiums. Specifically, the maximum credit allowed per beneficiary is raised from $100 to $500, and the maximum credit for all other filers is increased from $200 to $1,000. The credit remains at 25 percent of the premiums paid, provided these premiums are not deducted in determining taxable net income.

Additionally, the bill includes a provision stating that it will take effect for taxable years beginning after December 31, 2022. This change aims to provide greater financial support for taxpayers who invest in long-term care insurance, thereby encouraging more individuals to secure such coverage.

Statutes affected:
Introduction: 290.0672