MN SF326

Creates a new Minnesota individual income tax subtraction for out-of-pocket medical care expenses and health insurance premiums paid by taxpayers

Defines eligible "medical care" as services and goods that would qualify for federal Medicaid matching funds under chapter 256B, plus health insurance premiums as defined by IRC section 213(d)(1)(D)

Excludes amounts already compensated by insurance, reimbursed by employers, or paid through tax-advantaged accounts (HSAs, FSAs, HRAs, cafeteria plans)

Excludes amounts used to claim Minnesota's existing long-term care insurance credit under section 290.0672

Effective for taxable years beginning after December 31, 2024