HF153

This legislative bill proposes to reduce the individual income tax rates in Minnesota by one percentage point for various income brackets. The reductions apply to married couples filing jointly, married individuals filing separately, estates and trusts, unmarried individuals, and heads of households. For each group, the bill adjusts the tax rate percentages across different income ranges to lower values. Additionally, the bill briefly touches on tax computations for Minnesota residents part of the year, addressing how their tax is calculated relative to their Minnesota-sourced income and overall income. This adjustment aims to decrease the amount of state income tax that individuals and families pay, starting in tax year 2024.