Minnesota HF355 increases the maximum long-term care insurance credit for taxpayers.

Minnesota HF355 amends the state's tax code to increase the maximum long-term care insurance credit. The credit now equals 25 percent of premiums paid, up to a maximum of $250 per qualified beneficiary. For married couples filing jointly, the maximum total credit allowed per year is $500, and for all other filers, it is $250. The credit applies to policy premiums paid during the tax year and is effective for taxable years beginning after December 31, 2024.

Minnesota HF355 increases the maximum long-term care insurance credit for taxpayers.

Minnesota HF355 amends the state's tax code to increase the maximum long-term care insurance credit. The credit now equals 25 percent of premiums paid, up to a maximum of $250 per qualified beneficiary. For married couples filing jointly, the maximum total credit allowed per year is $500, and for all other filers, it is $250. The credit applies to policy premiums paid during the tax year and is effective for taxable years beginning after December 31, 2024.