Loading chat...
MN HF3774
Bill
Status
4/1/2016
Primary Sponsor
Jason Isaacson
Click for details
AI Summary
-
Reduces the second tax bracket rate from 7.05 percent to 6.45 percent for married filing jointly, unmarried, and head of household filers in Minnesota.
-
Updates income bracket thresholds for all filing statuses, with married filing jointly brackets ranging from $36,820 to $259,420 and unmarried individual brackets from $25,180 to $155,650.
-
Adjusts the inflation adjustment mechanism in subdivision 2d to use 2015 as the base year instead of 2012 for calculating annual bracket adjustments.
-
Effective for taxable years beginning after December 31, 2015.
-
Applies to Minnesota Statutes 2014, section 290.06, subdivisions 2c and 2d.
Legislative Description
Income tax; 7.05 percent rate reduced to 6.45 percent.
Last Action
Introduction and first reading, referred to Taxes
4/1/2016