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SF1399 (Legislative Session 94 (2025-2026))

Maximum long-term care insurance credit increase

Related bill: HF355

AI Generated Summary

Senate File No. 1399 is a proposal to adjust the tax credit related to long-term care insurance premiums in Minnesota. Under the proposed changes, the amount of credit a taxpayer can receive for insurance premiums paid during the tax year would rise. The individual credit for each policy would remain at 25% of the premiums that are not claimed in other tax deductions, but the maximum limit per beneficiary would increase from $100 to $250. Furthermore, for married couples filing jointly, the total maximum credit available per year would rise from $200 to $500, while for single filers and others, it would grow from $100 to $250. This adjustment also applies in calculating credits for nonresidents or part-year residents based on a certain percentage tied to their residency status.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 13, 2025SenateActionIntroduction and first reading
February 13, 2025SenateActionReferred toTaxes
February 20, 2025SenateActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill increases the maximum credit for long-term care insurance under section 290.0672.",
      "modified": [
        "Increases maximum credit limits for long-term care insurance premiums for both individual and joint filers."
      ]
    },
    "citation": "290.0672"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill references allocation rules for nonresidents in section 290.06.",
      "modified": []
    },
    "citation": "290.06"
  }
]

Progress through the legislative process

17%
In Committee

Sponsors