Minnesota § 290.0672 LONG-TERM CARE INSURANCE CREDIT

Minnesota Statutes

§ 290.0672 — LONG-TERM CARE INSURANCE CREDIT

Minnesota § 290.0672

PartVARIOUS STATE TAXES AND PROGRAMS

Ch. 290INCOME AND FRANCHISE TAXES

This text of Minnesota § 290.0672 (LONG-TERM CARE INSURANCE CREDIT) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 290.0672 (2026).

Text

Subdivision 1.Definitions.

(a)For purposes of this section, the following terms have the meanings given.

(b)"Long-term care insurance" means a policy that:

(1)qualifies for a deduction under section 213 of the Internal Revenue Code, disregarding the adjusted gross income test; or meets the requirements given in section62A.46; or provides similar coverage issued under the laws of another jurisdiction; and

(2)has a lifetime long-term care benefit limit of not less than $100,000; and

(3)has been offered in compliance with the inflation protection requirements of section62S.23.

(c)"Qualified beneficiary" means the taxpayer or the taxpayer's spouse.

(d)"Premiums deducted in determining net income" means the lesser of (1) long-term care insurance premiums that qualify as deductions under

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Subdivision 1.Definitions.
(a) For purposes of this section, the following terms have the meanings given.
(b) "Long-term care insurance" means a policy that:
(1) qualifies for a deduction under section 213 of the Internal Revenue Code, disregarding the adjusted gross income test; or meets the requirements given in section62A.46; or provides similar coverage issued under the laws of another jurisdiction; and
(2) has a lifetime long-term care benefit limit of not less than $100,000; and
(3) has been offered in compliance with the inflation protection requirements of section62S.23.
(c) "Qualified beneficiary" means the taxpayer or the taxpayer's spouse.
(d) "Premiums deducted in determining net income" means the lesser of (1) long-term care insurance premiums that qualify as deductions under section 213 of the Internal Revenue Code; and (2) the total amount deducted for medical care under section290.0122, subdivision 6.

Subd. 2.Credit.
A taxpayer is allowed a credit against the tax imposed by this chapter for long-term care insurance policy premiums paid during the tax year. The credit for each policy equals 25 percent of premiums paid to the extent not deducted in determining taxable net income. A taxpayer may claim a credit for only one policy for each qualified beneficiary. A maximum of $100 applies to each qualified beneficiary. The maximum total credit allowed per year is $200 for married couples filing joint returns and $100 for all other filers. For a nonresident or part-year resident, the credit determined under this section must be allocated based on the percentage calculated under section290.06, subdivision 2c, paragraph (e).