Minnesota HF3955 proposes tax reforms including a tip income subtraction, expanded child tax credit, increased property tax refunds for 2026, and a.

Minnesota HF3955 amends state tax laws to introduce a subtraction for certain tip income, expand the Minnesota child tax credit, provide a onetime increase in property tax refunds for 2026, and establish a new fifth tier individual income tax rate. The bill also mandates annual inflation adjustments to tax brackets and credits. The new tax rates range from 5.35% to 10.7% based on income brackets. The changes are effective for taxable years beginning after December 31, 2025.

Minnesota HF3955 proposes tax reforms including a tip income subtraction, expanded child tax credit, increased property tax refunds for 2026, and a.

Minnesota HF3955 amends state tax laws to introduce a subtraction for certain tip income, expand the Minnesota child tax credit, provide a onetime increase in property tax refunds for 2026, and establish a new fifth tier individual income tax rate. The bill also mandates annual inflation adjustments to tax brackets and credits. The new tax rates range from 5.35% to 10.7% based on income brackets. The changes are effective for taxable years beginning after December 31, 2025.