MN HF4126

Reduces Minnesota individual income tax rates across all four tax brackets for married individuals filing jointly by 0.5 percentage points, from 5.35% to 4.85% on the first $38,770 and from 6.8% to 6.3% on income between $38,770 and $154,020.

Reduces tax rates for unmarried individuals by 0.5 percentage points in each bracket, lowering the rate from 5.35% to 4.85% on the first $26,520 and from 6.8% to 6.3% on income between $26,520 and $87,110.

Reduces tax rates for head of household filers by 0.5 percentage points across all brackets, from 5.35% to 4.85% on the first $32,650 and from 6.8% to 6.3% on income between $32,650 and $131,190.

Applies the same 0.5 percentage point reduction to the two highest tax brackets for all filing statuses, reducing the third bracket from 7.85% to 7.35% and the top bracket from 9.85% to 9.35%.

Effective for taxable years beginning after December 31, 2019.