Bill > SF678

This bill proposes to modify Minnesota's individual income tax rates and brackets. It increases the income thresholds for the various tax brackets and adds a new top tax rate of 12.45% on income over $500,000 for married couples filing jointly and $250,000 for single filers. The bill also requires the tax commissioner to annually adjust the income tax bracket thresholds for inflation starting in the 2023 tax year. The changes would be effective for tax years beginning after December 31, 2022 or December 31, 2023, depending on the specific provision.