Minnesota bill SF1399 increases the maximum long-term care insurance credit for taxpayers.

Minnesota bill SF1399 amends the state's tax code to increase the maximum long-term care insurance credit. The credit is now 25 percent of premiums paid, up to $250 per qualified beneficiary. For married couples filing jointly, the maximum total credit per year is $500, and $250 for all other filers. The bill also adjusts the credit for nonresidents and part-year residents. This change takes effect for taxable years beginning after December 31, 2024.

Minnesota bill SF1399 increases the maximum long-term care insurance credit for taxpayers.

Minnesota bill SF1399 amends the state's tax code to increase the maximum long-term care insurance credit. The credit is now 25 percent of premiums paid, up to $250 per qualified beneficiary. For married couples filing jointly, the maximum total credit per year is $500, and $250 for all other filers. The bill also adjusts the credit for nonresidents and part-year residents. This change takes effect for taxable years beginning after December 31, 2024.