All income tax rates reduced.

HF 300 reduces Minnesota's individual income tax rates across all brackets. It lowers the top tax rate from 9.85% to 9.725% and proportionally reduces other rates for married couples filing jointly, single filers, and heads of household. These changes apply to all Minnesota taxpayers with taxable income, effective for tax years beginning after December 31, 2024. The bill amends tax brackets in Minnesota Statutes section 290.06 to reflect these lower rates.