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MN SF3942
Bill
Status
Introduced
3/4/2020
Primary Sponsor
Bruce Anderson
Click for details
AI Summary
- Reduces the first tax bracket rate for married individuals filing jointly from 5.35% to 4.85% on the first $38,770 of income.
- Reduces the second bracket rate from 6.8% to 6.3% on income from $38,770 to $154,020 for married couples filing jointly.
- Reduces the third bracket rate from 7.85% to 7.35% on income from $154,020 to $269,010 for married couples filing jointly.
- Reduces the fourth bracket rate from 9.85% to 9.35% on income over $269,010 for married couples filing jointly.
- Makes corresponding 0.5 percentage point reductions to all tax brackets for unmarried individuals and heads of household, effective for taxable years beginning after December 31, 2019.
Legislative Description
Individual income tax rate reduction
Last Action
Referred to Taxes
3/4/2020
Committee Referrals
Taxes3/4/2020
Full Bill Text
No bill text available