MN HF3811

Reduces Minnesota individual income tax rates by 1 percent across all tax brackets for married filing jointly, unmarried, and head of household filers, effective for taxable years beginning after December 31, 2017.

Lowers the lowest tax bracket rate from 5.35 percent to 4.35 percent and adjusts all subsequent brackets downward by 1 percent (7.05 to 6.05 percent, 7.85 to 6.85 percent, and 9.85 to 8.85 percent).

Increases income bracket thresholds for all filing categories to account for inflation adjustments (for example, married filing jointly first bracket increases from $35,480 to $37,850).

Modifies the inflation adjustment provision to use 2017 as the reference year instead of 2012 when calculating future tax bracket adjustments under Internal Revenue Code section 1(f).

Applies changes to Minnesota Statutes section 290.06, subdivisions 2c and 2d, governing individual income tax rate schedules and inflation adjustments for taxable years beginning after December 31, 2017.