Minnesota bill proposes reducing all individual income tax rates by one percentage point.
The bill proposes reducing all individual income tax rates in Minnesota by one percentage point. It amends the Minnesota Statutes to adjust the tax rates for married individuals filing joint returns, surviving spouses, unmarried individuals, and heads of household. The bill also includes provisions for inflation adjustments and specifies the effective dates for these changes. The reductions are set to take effect for taxable years beginning after December 31, 2024, and before January 1, 2027.
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