MN SF706

Reduces Minnesota individual income tax rates by 0.125 percentage points across all four tax brackets for married filing joint, unmarried, and head of household filers, effective for taxable years beginning after December 31, 2022.

Adjusts income tax bracket thresholds upward for married filing joint filers: $38,770 to $43,950 (first bracket), $154,020 to $174,610 (second bracket), $269,010 to $304,970 (third bracket).

Adjusts income tax bracket thresholds upward for unmarried individual filers: $26,520 to $30,070 (first bracket), $87,110 to $98,760 (second bracket), $161,720 to $183,340 (third bracket).

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

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