1.1 	A bill for an act
1.2 	relating to taxation; individual income; expanding the long-term care insurance 
1.3 	credit;amending Minnesota Statutes 2020, section 290.0672, subdivision 2.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2020, section 290.0672, subdivision 2, is amended to read:
1.6 		Subd. 2.Credit. A taxpayer is allowed a credit against the tax imposed by this chapter 
1.7 	for long-term care insurance policy premiums paid during the tax year. The credit for each 
1.8 	policy equals 25 percent the amount of premiums paid to the extent not deducted in 
1.9 	determining taxable net income. A taxpayer may claim a credit for only one policy for each 
1.10 	qualified beneficiary. A maximum of $100 $250 applies to each qualified beneficiary. The 
1.11 	maximum total credit allowed per year is $200 $500 for married couples filing joint returns 
1.12 	and $100 $250 for all other filers. For a nonresident or part-year resident, the credit 
1.13 	determined under this section must be allocated based on the percentage calculated under 
1.14 	section 290.06, subdivision 2c, paragraph (e).

1.15 	EFFECTIVE DATE. This section is effective for taxable years beginning after December 
1.16 	31, 2020.