Minnesota HF301 reduces all income tax rates by 3.25 percentage points.
Minnesota HF301 amends the state's income tax rates by reducing them by 3.25 percentage points. The bill adjusts the tax brackets for individuals, estates, and trusts, affecting how taxes are computed based on taxable income. The new rates apply to taxable years beginning after December 31, 2024. The bill also includes provisions for inflation adjustments to the tax brackets.
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