HF355 (Legislative Session 94 (2025-2026))
Maximum long-term care insurance credit increased.
Related bill: SF1399
AI Generated Summary
This bill is a proposal to increase the tax credit available for premiums paid on long-term care insurance policies in Minnesota. Currently, the tax credit stands at 25% of the premiums paid, and this will not change. However, the bill aims to raise the maximum amount of credit that can be claimed:
- From $100 to $250 for each qualified beneficiary.
- From $200 to $500 for married couples filing joint tax returns.
- The same increased limit of $250 applies to all other types of filers, such as individuals and heads of households.
This means that if the bill is passed, taxpayers who pay premiums for long-term care insurance will potentially receive a greater deduction on their state income tax, up to the new limits. This change is intended to encourage more Minnesotans to purchase long-term care insurance by making it more financially attractive.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 12, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| February 19, 2025 | House | Floor | Action | Author added | |
| March 11, 2025 | House | Floor | Action | Author added |
Citations
[
{
"analysis": {
"added": [
"Adjustment of credit amounts for married couples and single filers."
],
"removed": [],
"summary": "The bill increases the maximum long-term care insurance credit for individuals and married couples under section 290.0672.",
"modified": [
"Increase in maximum credit amounts for qualified beneficiaries."
]
},
"citation": "290.0672"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill modifies the allocation of credits for nonresidents or part-year residents under section 290.06.",
"modified": [
"Allocation of credit based on nonresident or part-year resident status."
]
},
"citation": "290.06"
}
]