MN SF1103

Reduces the lowest income tax bracket rate from 5.35 percent to 4.85 percent for all filing statuses (married joint, unmarried, head of household).

Reduces the second income tax bracket rate from 6.8 percent to 6.3 percent for all filing statuses.

Reduces the third income tax bracket rate from 7.85 percent to 7.35 percent for all filing statuses.

Reduces the highest income tax bracket rate from 9.85 percent to 9.35 percent for all filing statuses.

Increases income bracket thresholds and changes the statutory year for inflation adjustments from 2019 to 2023, effective for taxable years beginning after December 31, 2023.