MN SF678

Increases income tax rates and adjusts tax brackets for married individuals filing jointly, expanding the first bracket from $38,770 to $43,950 and the highest bracket threshold from $500,000 to include income over $500,000 at 12.45 percent.

Adjusts income brackets for unmarried individuals, raising the first bracket from $26,520 to $30,070 and creating a new top rate of 12.45 percent on income over $250,000.

Modifies head of household tax brackets, increasing the first bracket from $32,650 to $37,010 and establishing a 12.45 percent rate on income over $400,000.

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

Effective for taxable years beginning after December 31, 2022.