Bill > HF355

This bill increases the maximum long-term care insurance tax credit for Minnesota taxpayers. Currently, taxpayers can receive a credit equal to 25% of long-term care insurance premiums paid, with previous limits of $100 per qualified beneficiary and a total annual credit of $200 for married couples filing jointly and $100 for other filers. The bill raises these limits to $250 per qualified beneficiary, $500 for married couples filing jointly, and $250 for all other filers. The credit can only be claimed for one policy per qualified beneficiary, and the amount cannot exceed premiums not already deducted from taxable income. For non-residents or part-year residents, the credit will be proportionally allocated based on existing state tax regulations. The changes will take effect for taxable years beginning after December 31, 2024, providing taxpayers with a more substantial tax benefit for long-term care insurance premiums.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0355&ssn=0&y=2025