Minnesota Legislature
HF 397
as introduced - 93rd Legislature (2023 - 2024) Posted on 01/19/2023 03:57pm
Current Version - as introduced
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A bill for an act
relating to taxation; individual income; increasing the maximum amount per
beneficiary and maximum credit amount for the long-term care insurance credit;
amending Minnesota Statutes 2022, section 290.0672, subdivision 2.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2022, section 290.0672, subdivision 2, is amended to read:
Subd. 2.
Credit.
A taxpayer is allowed a credit against the tax imposed by this chapter
for long-term care insurance policy premiums paid during the tax year. The credit for each
policy equals 25 percent of premiums paid to the extent not deducted in determining taxable
net income. A taxpayer may claim a credit for only one policy for each qualified beneficiary.
A maximum of deleted text begin $100deleted text end new text begin $500new text end applies to each qualified beneficiary. The maximum total credit
allowed per year is deleted text begin $200deleted text end new text begin $1,000new text end for married couples filing joint returns and deleted text begin $100deleted text end new text begin $500new text end for
all other filers. For a nonresident or part-year resident, the credit determined under this
section must be allocated based on the percentage calculated under section 290.06,
subdivision 2c, paragraph (e).
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective for taxable years beginning after December
31, 2022.
new text end