MN SF1738

Reduces Minnesota individual income tax rates by 0.5 percentage points across all four tax brackets for married filing joint, unmarried, and head of household filers.

Increases income tax bracket thresholds for married filing joint returns: first bracket from $38,770 to $43,950, second from $154,020 to $174,610, third from $269,010 to $304,970.

Increases income tax bracket thresholds for unmarried individuals: first bracket from $26,520 to $30,070, second from $87,110 to $98,760, third from $161,720 to $183,340.

Increases income tax bracket thresholds for head of household filers: first bracket from $32,650 to $37,010, second from $131,190 to $148,730, third from $214,980 to $243,720.

Changes the statutory year for inflation adjustments from taxable year 2019 to taxable year 2023, effective for taxable years beginning after December 31, 2022.