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SF423 (Legislative Session 94 (2025-2026))

All income tax rates reduction provision

Related bill: HF300

AI Generated Summary

This legislative bill aims to adjust the income tax rates applied to different groups of taxpayers in Minnesota, including married individuals filing jointly, married individuals filing separately, estates, trusts, unmarried individuals, and heads of households. The bill details how these rates are structured across different income ranges to alter the amount of tax collected based on varying income levels. Additionally, adjustments are made for non-residents based on the portion of their income that is tied to Minnesota sources. This legislative change means that taxpayers will see changes in the percentages of their income taxed, which could lead to higher or lower tax bills depending on their income level and tax bracket adjustments mentioned in the bill.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
January 20, 2025SenateFloorActionIntroduction and first reading
January 20, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Introduces new income brackets and tax rates for different filing statuses."
      ],
      "removed": [
        "Eliminates previous tax rate schedule."
      ],
      "summary": "This bill modifies tax rates for individuals, estates, and trusts under section 290.06.",
      "modified": [
        "Adjusts tax computation for non-residents and specific deductions and additions."
      ]
    },
    "citation": "290.06"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill references required additions under section 290.0131 for tax computation.",
      "modified": [
        "Includes cross references for multiple subdivisions affecting taxable income adjustments."
      ]
    },
    "citation": "290.0131"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "References this section for allowable subtractions in taxable income.",
      "modified": [
        "Updates references for subtractions affecting federal adjusted gross income."
      ]
    },
    "citation": "290.0132"
  }
]

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