Expands the long-term care insurance income tax credit in Minnesota.

The bill expands the long-term care insurance income tax credit in Minnesota. It allows a credit for long-term care insurance policy premiums paid during the tax year, equal to 25 percent of the amount of premiums. The credit is subject to a maximum limit of $250 per qualified beneficiary and $500 per year for married couples filing jointly. The credit is effective for taxable years beginning after December 31, 2024.

Expands the long-term care insurance income tax credit in Minnesota.

The bill expands the long-term care insurance income tax credit in Minnesota. It allows a credit for long-term care insurance policy premiums paid during the tax year, equal to 25 percent of the amount of premiums. The credit is subject to a maximum limit of $250 per qualified beneficiary and $500 per year for married couples filing jointly. The credit is effective for taxable years beginning after December 31, 2024.