Maximum long-term care insurance credit increase

This bill increases the maximum tax credit available for long-term care insurance premiums in Minnesota. It raises the annual credit cap from $100 (for individuals) and $200 (for married couples) to $250 (for individuals) and $500 (for married couples filing jointly). The credit remains 25% of premiums paid, but the new limits apply to each qualified beneficiary. This change directly affects Minnesotans who purchase qualifying long-term care insurance policies and file state taxes. The amendment takes effect for taxable years beginning after December 31, 2024.