SF1337 (Legislative Session 94 (2025-2026))
Long-term care insurance income tax credit expansion
Related bill: HF2176
AI Generated Summary
Senate File No. 1337 is a legislative bill proposed in Minnesota that seeks to modify the existing state tax code to enhance the tax credit available for individuals who pay premiums on long-term care insurance policies. The bill proposes to increase the tax credit from 25% to a larger amount, though the exact percentage increase is not specified in the text provided. Additionally, the bill plans to increase the maximum credit limit per qualified beneficiary from $100 to $250 and for married couples filing jointly from $200 to $500. These changes aim to provide greater financial relief to individuals and families investing in long-term care insurance.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 12, 2025 | Senate | Floor | Action | Introduction and first reading | |
| February 12, 2025 | Senate | Floor | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"Increases the maximum total credit allowed per year for married couples filing joint returns from 200 to 500.",
"Increases the maximum credit for all other filers from 100 to 250."
],
"removed": [
"None"
],
"summary": "The bill expands the long-term care insurance credit under section 290.0672.",
"modified": [
"Adjusts the credit percentage for long-term care insurance policy premiums from an unspecified amount to 25 percent."
]
},
"citation": "290.0672"
}
]