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MN HF2968
Bill
Status
Introduced
2/1/2022
Primary Sponsor
Jerry Hertaus
Click for details
AI Summary
- Reduces Minnesota individual income tax rates from five brackets (5.35%, 6.8%, 7.85%, 9.85%) to four brackets (4%, 5%, 6%, 7%) effective for taxable years beginning after December 31, 2021.
- Updates income bracket thresholds for married filing jointly, unmarried individuals, and head of household filers to reflect the new rate structure and prevent bracket creep.
- Changes the statutory year for inflation adjustments of tax brackets from taxable year 2019 to taxable year 2022.
- Maintains existing provisions for non-resident individuals, qualifying entities, and rounding of tax bracket adjustments.
- Applies to married individuals filing jointly, married filing separate, unmarried individuals, head of household filers, estates, and trusts.
Legislative Description
Individual income tax rate lowered.
Last Action
Author added Scott
4/21/2022
Committee Referrals
Taxes2/1/2022
Full Bill Text
No bill text available