The bill amends Minnesota Statutes 2024, section 290.0672, subdivision 2, to increase the maximum long-term care insurance credit available to taxpayers. Specifically, the maximum credit allowed per year is raised from $100 to $250 for individuals and from $200 to $500 for all other filers. The credit remains at 25 percent of the premiums paid for long-term care insurance policies, provided these premiums are not deducted in determining taxable net income. Taxpayers can claim this credit for only one policy per qualified beneficiary.

Additionally, the bill specifies that for nonresidents or part-year residents, the credit must be allocated based on a percentage calculated under section 290.06, subdivision 2c, paragraph (e). The new provisions will take effect for taxable years beginning after December 31, 2024.

Statutes affected:
Introduction: 290.0672