Minnesota SF2290 modifies income tax rates and brackets for individuals, estates, and trusts.

Minnesota SF2290 amends the income tax rates and brackets for individuals, estates, and trusts. It sets new tax rates for various income levels, including a 5.35 percent rate for the first $26,520 to $32,570, 6.8 percent for income over $32,650 to $40,100, 7.85 percent for income over $131,190 to $161,130, 9.85 percent for income over $214,980 to $264,050, and 12.45 percent for income over $400,000. The bill also adjusts the brackets annually for inflation and specifies how non-residents and part-year residents compute their tax liability.

Minnesota SF2290 modifies income tax rates and brackets for individuals, estates, and trusts.

Minnesota SF2290 amends the income tax rates and brackets for individuals, estates, and trusts. It sets new tax rates for various income levels, including a 5.35 percent rate for the first $26,520 to $32,570, 6.8 percent for income over $32,650 to $40,100, 7.85 percent for income over $131,190 to $161,130, 9.85 percent for income over $214,980 to $264,050, and 12.45 percent for income over $400,000. The bill also adjusts the brackets annually for inflation and specifies how non-residents and part-year residents compute their tax liability.