Minnesota HF812 modifies individual income tax rates and introduces a zero tax bracket.

Minnesota HF812 amends the state's individual income tax rates, introducing a zero tax bracket for certain income levels. The bill specifies new tax brackets and rates for married individuals filing jointly, unmarried individuals, heads of household, and non-residents. It also mandates annual inflation adjustments to the tax brackets starting from taxable years beginning after December 31, 2025. The new rates and brackets are effective for taxable years beginning after December 31, 2024.

Minnesota HF812 modifies individual income tax rates and introduces a zero tax bracket.

Minnesota HF812 amends the state's individual income tax rates, introducing a zero tax bracket for certain income levels. The bill specifies new tax brackets and rates for married individuals filing jointly, unmarried individuals, heads of household, and non-residents. It also mandates annual inflation adjustments to the tax brackets starting from taxable years beginning after December 31, 2025. The new rates and brackets are effective for taxable years beginning after December 31, 2024.