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MN SF2125
Bill
Status
Introduced
2/27/2023
Primary Sponsor
Jordan Rasmusson
Click for details
AI Summary
- Reduces the lowest tax bracket rate from 5.35% to 2.8% for all filing statuses (married joint, unmarried, head of household)
- Increases income thresholds for all tax brackets across all filing statuses, with married filing jointly brackets rising from $38,770 to $43,950 for the first bracket and subsequent brackets adjusted proportionally
- Changes the statutory year for inflation adjustments of tax brackets from 2019 to 2023, affecting future annual bracket adjustments
- Effective for taxable years beginning after December 31, 2022 for the rate and bracket changes, and after December 31, 2023 for the inflation adjustment base year change
Legislative Description
Tax rates modification
Last Action
Referred to Taxes
2/27/2023
Committee Referrals
Taxes2/27/2023
Full Bill Text
No bill text available