MN SF423

Reduces Minnesota's four individual income tax rates: lowest bracket from 5.35% to 5.225%, second bracket from 6.8% to 6.675%, third bracket from 7.85% to 7.725%, and top bracket from 9.85% to 9.725%

Increases income bracket thresholds for married joint filers: first bracket up to $47,620 (from $38,770), second bracket up to $189,180 (from $154,020), third bracket up to $330,410 (from $269,010)

Significantly expands bracket thresholds for unmarried individuals, with the first bracket increasing from $26,520 to $47,620 and similar proportional increases across all brackets

Creates a special reduced rate of 2.1% on the first $47,620 for head of household filers, compared to the current 5.35% rate

Effective for taxable years beginning after December 31, 2024, with inflation adjustments to brackets resetting to use 2025 as the new statutory base year