as introduced - 93rd Legislature (2023 - 2024) Posted on 03/08/2023 09:36am
A bill for an act
relating to taxation; individual income; temporarily reducing individual income
tax rates by one percentage point.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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This section may be cited as the "Give it Back Act of 2023."
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Notwithstanding any law
to the contrary, the individual income tax imposed under Minnesota Statutes, chapter 290,
must be computed by making the following substitutions in Minnesota Statutes, section
290.06, subdivision 2c:
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(1) substituting 4.35 percent for 5.35 percent for all filing statuses;
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(2) substituting 5.8 percent for 6.8 percent for all filing statuses;
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(3) substituting 6.85 percent for 7.85 percent for all filing statuses; and
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(4) substituting 8.85 percent for 9.85 percent for all filing statuses.
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This section is effective for taxable years beginning after December
31, 2022, and before January 1, 2025, only.
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