Minnesota SF1195 modifies individual income tax rates, introducing a zero bracket and adjusting tax brackets for different filing statuses.

Minnesota SF1195 amends the state's individual income tax rates by introducing a zero bracket for certain income levels and adjusting the tax brackets for married individuals filing joint returns, married individuals filing separate returns, estates, trusts, and unmarried individuals. The bill specifies different tax rates for various income ranges and mandates that the commissioner annually adjust the tax brackets for inflation. The changes are effective for taxable years beginning after December 31, 2025.

Minnesota SF1195 modifies individual income tax rates, introducing a zero bracket and adjusting tax brackets for different filing statuses.

Minnesota SF1195 amends the state's individual income tax rates by introducing a zero bracket for certain income levels and adjusting the tax brackets for married individuals filing joint returns, married individuals filing separate returns, estates, trusts, and unmarried individuals. The bill specifies different tax rates for various income ranges and mandates that the commissioner annually adjust the tax brackets for inflation. The changes are effective for taxable years beginning after December 31, 2025.