The bill in question intends to revise the income tax rates applicable in the state of Minnesota. Here's a breakdown of what the bill proposes:

1. The bill amends Minnesota Statutes 2024, specifically section 290.06 which deals with the income tax rates for individuals, estates, and trusts.
2. It proposes new, lowered tax rates across various income brackets for:
   • Married individuals filing jointly or surviving spouses.
   • Married individuals filing separately.
   • Unmarried individuals.
   • Unmarried individuals qualifying as the head of household.
3. The detailed changes include slight reductions in tax percentages across different income levels. For example, the tax rate for the first income bracket for married individuals filing jointly would be reduced from 5.35% to 5.225%.
4. The bill also touches on tax calculations for non-residents of Minnesota, stating how their income taxes should be computed based on their Minnesota source income.
5. There are specifics mentioned about various adjustments, additions, and subtractions related to the computation of taxable income and tax brackets.
6. The bill includes provisions for individuals who are part-owners of certain entities, detailing how they must compute their Minnesota income tax by considering specific adjustments relating to the entity.

Overall, the bill seeks to slightly reduce the income tax rates for various groups to presumably provide some financial relief and adjust the tax code based on current economic conditions.