1.1 A bill for an act
1.2 relating to taxation; individual income; increasing the maximum long-term care
1.3 insurance credit; amending Minnesota Statutes 2024, section 290.0672, subdivision
1.4 2.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2024, section 290.0672, subdivision 2, is amended to read:
1.7 Subd. 2.Credit.A taxpayer is allowed a credit against the tax imposed by this chapter
1.8for long-term care insurance policy premiums paid during the tax year. The credit for each
1.9policy equals 25 percent of premiums paid to the extent not deducted in determining taxable
1.10net income. A taxpayer may claim a credit for only one policy for each qualified beneficiary.
1.11A maximum of $100 $250 applies to each qualified beneficiary. The maximum total credit
1.12allowed per year is $200 $500 for married couples filing joint returns and $100 $250 for
1.13all other filers. For a nonresident or part-year resident, the credit determined under this
1.14section must be allocated based on the percentage calculated under section 290.06,
1.15subdivision 2c, paragraph (e).
1.16 EFFECTIVE DATE.This section is effective for taxable years beginning after December
1.1731, 2024.
1Section 1.
25-02566 as introduced01/30/25 REVISOR EAP/AC
SENATE
STATE OF MINNESOTA
S.F. No. 1399NINETY-FOURTH SESSION
(SENATE AUTHORS: WEBER, Rest, Dahms and Abeler)
OFFICIAL STATUSD-PGDATE
Introduction and first reading02/13/2025
Referred to Taxes