All income tax rates reduced by 3.25 percentage points.

HF 301 reduces all Minnesota individual income tax rates by 3.25 percentage points across every tax bracket. It directly affects all Minnesota individual taxpayers, including married couples filing jointly, single filers, heads of household, and non-residents with Minnesota income. The bill amends Minnesota Statutes to lower rates from 5.35% to 2.1%, 6.8% to 3.55%, 7.85% to 4.6%, and 9.85% to 6.6% for applicable income ranges. This change applies to taxable years beginning after December 31, 2024, and affects all income levels subject to Minnesota's progressive tax structure.