MN SF2947

Reduces the lowest tax bracket rate from 8% to 7% for charitable gambling organizations with combined net receipts up to $100,000 (increased from $87,500)

Lowers marginal tax rates across all brackets: second bracket drops from 17% to 15%, third bracket from 25% to 20%, and top bracket from 33.5% to 25%

Raises income thresholds for each tax bracket, with the highest bracket now applying to combined net receipts over $300,000 (up from $157,500)

Exempts gross receipts from sports-themed tipboards (where winning numbers are determined by professional sporting event outcomes) from the combined net receipts tax

Effective date is July 1, 2025