MN SF2644

Reduces all Minnesota individual income tax rates by 3.25 percentage points across four tax brackets for married filing jointly, unmarried, and head of household filers.

For married filing jointly filers, reduces rates from 5.35% to 2.1%, 6.8% to 3.55%, 7.85% to 4.6%, and 9.85% to 6.6% in respective brackets.

Adjusts income tax bracket thresholds upward to account for inflation, with the statutory base year for inflation adjustments changed from 2019 to 2023.

Applies rate reductions and bracket adjustments to taxable years beginning after December 31, 2022.

Maintains the existing structure requiring the commissioner to annually adjust dollar amounts for tax brackets based on inflation, with amounts rounded to the nearest $10.