AI Generated Summary
This legislative bill is focused on amending income tax rates for individuals, married couples, estates, and trusts in Minnesota. It outlines a new schedule of tax rates that reduce the tax rate across different income brackets for various filing statuses. This includes changes to tax percentages at different income levels, making them slightly lower. The bill also specifies new calculations and rules for non-residents of Minnesota in terms of how their taxes should be computed with respect to their income sources. The bill has been referred to the Committee on Taxes for further consideration.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 09, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| February 09, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| February 09, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill amends the section 290.06 subdivision 2c, which details income tax rates for individuals, estates, and trusts.",
"modified": [
"The income tax rates for various brackets are lowered for different types of filers."
]
},
"citation": "290.06",
"subdivision": "subdivision 2c"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "A reference to section 290.081 in relation to allocation and assignability provisions for determining tax liability adjustments.",
"modified": []
},
"citation": "290.081",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill references section 289A.08 subdivision 7a concerning tax implications for qualifying entities.",
"modified": []
},
"citation": "289A.08",
"subdivision": "subdivision 7a"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Citations relate to income adjustments in MN income tax",
"modified": [
"Adjustments specified for income calculations refer to numerous subdivisions in section 290.0131."
]
},
"citation": "290.0131",
"subdivision": "subdivisions 2, 6, 8 to 10, 16, 17, 19 and 20"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Reference to section 290.0137, paragraph a impacts income determination procedures.",
"modified": []
},
"citation": "290.0137",
"subdivision": "paragraph a"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Adjustments involving several subdivisions under section 290.0132 are outlined for exemptions and subtractions in income tax computation.",
"modified": []
},
"citation": "290.0132",
"subdivision": "subdivisions 2, 9, 10, 14, 15, 17, 18, 27, 31 and 32"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Section 290.17 is referenced for determining qualifying income source allocation.",
"modified": []
},
"citation": "290.17",
"subdivision": ""
}
]