MN SF421

Reduces all four Minnesota individual income tax rates by 3.25 percentage points: lowest bracket from 5.35% to 2.1%, second bracket from 6.8% to 3.55%, third bracket from 7.85% to 4.6%, and top bracket from 9.85% to 6.6%

Increases and standardizes income bracket thresholds across all filing statuses, with the top bracket beginning at $330,410 for married joint filers, unmarried individuals, and heads of household

Applies to married joint filers, unmarried individuals, heads of household, estates, and trusts, with married filing separately using half the bracket amounts

Resets the statutory base year for inflation adjustments from 2019 to 2025

Effective for taxable years beginning after December 31, 2024