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MN HF3954
Bill
Status
3/5/2026
Primary Sponsor
Aisha Gomez
Click for details
AI Summary
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Qualified overtime compensation becomes a state income tax subtraction, effective retroactively for taxable years beginning after December 31, 2024
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Minnesota child tax credit increases from $1,750 to $2,000 per qualifying child, effective for taxable years beginning after December 31, 2025
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New fifth tier individual income tax rate of 11.45% established for high earners: income over $1,000,000 for married joint filers, over $600,000 for single filers, and over $800,000 for heads of household
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Income tax brackets adjusted with new thresholds and statutory base year changed from 2019 to 2026 for inflation adjustments
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One-time 11.9% increase to homestead property tax refunds for claims based on taxes payable in 2026, with appropriation from the general fund
Legislative Description
Tax refunds; overtime income tax subtraction provided, Minnesota child tax credit expanded, onetime expansion of property tax refunds provided, and new fifth tier individual income tax rate established.
Last Action
Introduction and first reading, referred to Taxes
3/5/2026