A bill introduced by Rep Jerry Hertaus (R - Loretto) would reduce marginal income tax rates for Minnesota taxpayers by up to 18% (HF3811). Tax policy is a big issue this year at the State Capitol due to the passing of the federal tax law. Currently, if the legislature does not pass any new law, Minnesota tax filers will have to file additional forms with the MN Department of Revenue and some will have to pay more in taxes. Efforts are moving through both the House and Senate to conform to the new tax law.
Hertaus' bill would cut all marginal tax rates, giving taxpayers across the board a reduction. Here's a sample of the cuts for married couples filling jointly:
(1) On the first $35,480 , 5.35 percent;
(2) On all over $35,480 , but not over $140,960 , 7.05 percent;
(3) On all over $140,960 , but not over $250,000 , 7.85 percent;
(4) On all over $250,000 , 9.85 percent.
(Note: underlined numbers represent the new change to the current law)
HF3811 has five coauthors, including the chairs of the two House Tax Committees. Action 4 Liberty has added this bill to our watchlist on mnscorecard.comand calls upon House Leadership to pass the bill.
The companion bill in the MN Senate is authored by Sen Roger Chamberlain, chair of the Senate Tax Committee.