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HF301 (Legislative Session 94 (2025-2026))

All income tax rates reduced by 3.25 percentage points.

Related bill: SF421

AI Generated Summary

This legislative bill, proposed by Representative Heintzeman, aims to reduce all individual income tax rates in Minnesota by 3.25 percentage points. The bill modifies the existing tax brackets to apply new, lower tax rates to different income ranges for married couples (both joint and separate filers), single individuals, and heads of households. It also provides specific instructions for calculating taxes for part-year residents based on their Minnesota source income and federal adjustments. This proposal has been referred to the Committee on Taxes for further consideration.

Bill text versions

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Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill amends income tax rates for individuals, estates, and trusts under section 290.06.",
      "modified": [
        "Reduces all individual income tax rates by 3.25 percentage points."
      ]
    },
    "citation": "290.06"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This section provides definitions and tax computation guidelines relating to individual income taxes.",
      "modified": [
        "Updates references to subdivisions affected by the amendment in income tax calculation."
      ]
    },
    "citation": "290.0131"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This section involves subtraction adjustments for individuals' gross income tax computation.",
      "modified": [
        "Updates references to subdivisions affected by changes in tax calculation."
      ]
    },
    "citation": "290.0132"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Section discusses allocation and assignability of different tax calculation elements.",
      "modified": [
        "Cited for reference in adjustments to income tax calculations for non-residents."
      ]
    },
    "citation": "290.081"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Details criteria for allocation and assignability decisions related to taxes.",
      "modified": [
        "Referenced for adjustments in Minnesota income tax calculation on non-resident taxpayers."
      ]
    },
    "citation": "290.17"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "Section details procedural elements for tax reporting and election for entities.",
      "modified": [
        "References for entities opting for specific tax election impacting individual taxes."
      ]
    },
    "citation": "289A.08"
  }
]

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