H.F. 285 - Long-Term Care Insurance Credit Expansion

• Changes the long-term care insurance tax credit from 25 percent of premiums to the full amount of premiums paid (to the extent not deducted from taxable income)
• Increases maximum credit per qualified beneficiary from $100 to $250
• Increases maximum annual credit for married couples filing joint returns from $200 to $500 and for other filers from $100 to $250
• Effective for taxable years beginning after December 31, 2020
• Applies to Minnesota Statutes 2020, section 290.0672, subdivision 2