MN SF2010

Reduces all four Minnesota individual income tax rates by one percentage point: lowest bracket from 5.35% to 4.35%, second bracket from 6.8% to 5.8%, third bracket from 7.85% to 6.85%, and top bracket from 9.85% to 8.85%

Phases in the rate reductions over three years: partial reductions for tax year 2025 (rates of 4.85%, 6.3%, 7.35%, 9.35%), further reductions for tax year 2026 (rates of 4.6%, 6.05%, 7.10%, 9.10%), and full one-percentage-point reductions beginning tax year 2027

Increases income bracket thresholds for all filing statuses, including married filing jointly brackets rising to $47,620, $189,180, and $330,410 from current levels of $38,770, $154,020, and $269,010

Applies to individuals, estates, trusts, married couples filing jointly or separately, single filers, and heads of household

Resets the statutory base year for future inflation adjustments of tax brackets from 2019 to 2025, effective for taxable years beginning after December 31, 2025