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Bill > HF442
MN HF442
MN HF442Individual income tax provisions modified, and income tax rates and brackets modified.
summary
Introduced
01/17/2023
01/17/2023
In Committee
01/17/2023
01/17/2023
Crossed Over
Passed
Dead
05/20/2024
05/20/2024
Introduced Session
93rd Legislature 2023-2024
Bill Summary
A bill for an act relating to taxation; individual income; modifying income tax rates and brackets; amending Minnesota Statutes 2022, section 290.06, subdivisions 2c, 2d.
AI Summary
This bill modifies individual income tax provisions in Minnesota. It increases the income thresholds for the various tax rate brackets and adds a new top tax rate of 12.45% for income over $500,000 for married couples filing jointly and $250,000 for single filers. The bill also adjusts the income thresholds for the tax brackets to account for inflation starting in the 2023 tax year. These changes will result in a reduction in tax rates for many Minnesotans.
Committee Categories
Budget and Finance
Sponsors (11)
Kaohly Her (D)*,
Mary Clardy (D),
Brion Curran (D),
Aisha Gomez (D),
Emma Greenman (D),
Michael Howard (D),
Samakab Hussein (D),
Erin Koegel (D),
Liz Olson (D),
Kristi Pursell (D),
Andy Smith (D),
Last Action
Hearing (13:00:00 4/11/2023 ) (on 04/11/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0442&ssn=0&y=2023 |
| BillText | https://www.revisor.mn.gov/bills/text.php?number=HF442&version=0&session=ls93&session_year=2023&session_number=0&format=pdf |
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