This bill amends Minnesota Statutes 2024, section 290.0672, subdivision 2, to increase the maximum long-term care insurance credit available to taxpayers. The credit for long-term care insurance policy premiums paid during the tax year will now be 25 percent of the premiums paid, with a maximum credit of $250 for all other filers, up from the previous limit of $100. Additionally, the maximum credit for each qualified beneficiary has been raised from $200 to $500.

The bill also specifies that a taxpayer may claim a credit for only one policy per qualified beneficiary and outlines that for nonresidents or part-year residents, the credit must be allocated based on a specific percentage calculation. Furthermore, the new provisions will take effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0672