Maximum long-term care insurance credit increased.

HF 355 increases Minnesota's maximum credit for long-term care insurance premiums paid by taxpayers. The bill raises the annual credit limit from $100 (for single filers) or $250 (for married couples filing jointly) per qualified beneficiary to $250 for single filers and $500 for married couples. This change directly affects Minnesota residents who purchase qualifying long-term care insurance policies and file state income taxes. The updated credit amount applies to taxable years beginning after December 31, 2024.