Bill > SF3942

This bill reduces individual income tax rates for all tax brackets in Minnesota. Specifically, the bill lowers the tax rate on the first $38,770 of taxable income from 5.35% to 4.85%, the rate on income between $38,770 and $154,020 from 6.8% to 6.3%, the rate on income between $154,020 and $269,010 from 7.85% to 7.35%, and the rate on income over $269,010 from 9.85% to 9.35%. These changes apply to married couples filing jointly, single filers, and heads of household. The bill also includes an effective date for the new tax rates to take effect for taxable years beginning after December 31, 2019.