Minnesota bill SF421 proposes a 3.25 percentage point reduction in all income tax rates.

Minnesota bill SF421 amends the state's income tax rates by reducing them across all brackets by 3.25 percentage points. The bill adjusts the tax rates for various filing statuses, including single filers, married joint filers, heads of household, and estates and trusts. The new rates will be effective for taxable years beginning after December 31, 2024. The bill also mandates annual inflation adjustments to the tax brackets, ensuring the brackets reflect changes in the tax rates.

Minnesota bill SF421 proposes a 3.25 percentage point reduction in all income tax rates.

Minnesota bill SF421 amends the state's income tax rates by reducing them across all brackets by 3.25 percentage points. The bill adjusts the tax rates for various filing statuses, including single filers, married joint filers, heads of household, and estates and trusts. The new rates will be effective for taxable years beginning after December 31, 2024. The bill also mandates annual inflation adjustments to the tax brackets, ensuring the brackets reflect changes in the tax rates.