All income tax rates reduction provision

Minnesota Senate Bill 423 reduces all individual income tax rates across every tax bracket for Minnesota residents. It lowers rates by approximately 0.125% (e.g., from 5.35% to 5.225% for the first bracket) for married couples filing jointly, single filers, and heads of household, affecting all Minnesota individual income taxpayers. The bill amends Minnesota Statutes 2024, section 290.06, to implement these rate reductions across all income levels. The changes take effect for taxable years beginning after December 31, 2024.