Minnesota HF4845 establishes a new fifth tier individual income tax rate and increases appropriations for local government aid and county program aid.

Minnesota HF4845 introduces a new fifth tier individual income tax rate, adjusting the tax brackets and rates for various income levels. The bill also increases appropriations for local government aid and county program aid, with specific amounts allocated for different fiscal years. The commissioner of revenue is tasked with annual inflation adjustments to the tax brackets and must recalculate and recertify aids payable in 2026 by July 1, 2026.

Minnesota HF4845 establishes a new fifth tier individual income tax rate and increases appropriations for local government aid and county program aid.

Minnesota HF4845 introduces a new fifth tier individual income tax rate, adjusting the tax brackets and rates for various income levels. The bill also increases appropriations for local government aid and county program aid, with specific amounts allocated for different fiscal years. The commissioner of revenue is tasked with annual inflation adjustments to the tax brackets and must recalculate and recertify aids payable in 2026 by July 1, 2026.