Minnesota HF153 reduces all individual income tax rates by one percentage point.

Minnesota HF153 reduces all individual income tax rates by one percentage point. The bill amends Minnesota Statutes 2024, section 290.06, subdivisions 2c and 2d. The new rates apply to taxable years beginning after December 31, 2024. The bill adjusts the tax brackets for married individuals filing joint returns, married individuals filing separate returns, estates, and trusts. The bill also includes provisions for inflation adjustments and the computation of tax liability.

Minnesota HF153 reduces all individual income tax rates by one percentage point.

Minnesota HF153 reduces all individual income tax rates by one percentage point. The bill amends Minnesota Statutes 2024, section 290.06, subdivisions 2c and 2d. The new rates apply to taxable years beginning after December 31, 2024. The bill adjusts the tax brackets for married individuals filing joint returns, married individuals filing separate returns, estates, and trusts. The bill also includes provisions for inflation adjustments and the computation of tax liability.