Long-term care insurance income tax credit expansion

This bill expands Minnesota's income tax credit for long-term care insurance premiums. It increases the maximum credit from $100 to $250 per individual (or $250 to $500 for married couples filing jointly) for each person covered by a qualifying policy. The credit reduces taxes for Minnesotans who pay for long-term care insurance, directly benefiting individuals purchasing these policies. The changes take effect for tax years beginning after December 31, 2024.