MN SF1737

Reduces the lowest income tax rate for Minnesota residents from 5.35 percent to 4.35 percent across all filing statuses (married filing jointly, unmarried, and head of household).

Reduces the second tax bracket rate from 6.8 percent to 5.8 percent for all filing statuses.

Reduces the third tax bracket rate from 7.85 percent to 6.85 percent for all filing statuses.

Reduces the highest tax bracket rate from 9.85 percent to 8.85 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, 2022.