Bill > SF2010

This bill reduces individual income tax rates in Minnesota by one percentage point across all tax brackets for specific tax years. The bill modifies the state's income tax schedule for different filing statuses (married filing jointly, unmarried individuals, and heads of household) by lowering each tax rate tier by one percentage point. For taxable years beginning after December 31, 2024, and before January 1, 2026, the rates will be slightly adjusted: the 4.35% rate becomes 4.85%, the 5.8% rate becomes 6.3%, the 6.85% rate becomes 7.35%, and the 8.85% rate becomes 9.35%. For taxable years beginning after December 31, 2025, and before January 1, 2027, the rates will be further adjusted: the 4.35% rate becomes 4.6%, the 5.8% rate becomes 6.05%, the 6.85% rate becomes 7.10%, and the 8.85% rate becomes 9.10%. The bill also updates the income tax brackets to reflect these rate changes, with the statutory year for inflation adjustments changing from 2019 to 2025. The tax brackets will be rounded to the nearest $10, with amounts ending in $5 being rounded up, and the rates for married filing separately will continue to be half of the rates for married filing jointly.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2010&ssn=0&y=2025