Bill > HF1335

This bill modifies the individual income tax rates and brackets in Minnesota. It increases the income thresholds for each tax rate, with the top rate increasing from 9.85% to 12.45% on income over $500,000 for married couples filing jointly and $250,000 for single filers. The bill also adjusts the tax brackets annually for inflation starting in the 2021 tax year. These changes are effective for taxable years beginning after December 31, 2020 or 2021, depending on the specific provision.