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 is set at 25 percent of the premiums, with the maximum credit for each policy increasing from $100 to $250 for all filers, and from $200 to $500 for other filers. Additionally, the bill specifies that a taxpayer may claim a credit for only one policy for each qualified beneficiary.

The bill also includes an effective date, stating that the new provisions will apply to taxable years beginning after December 31, 2024. This change aims to provide greater financial support for individuals purchasing long-term care insurance, thereby encouraging more residents to secure such coverage.

Statutes affected:
Introduction: 290.0672