Minnesota child credit expanded, and fifth tier and rate on the individual income tax established.

Summary

The legislation updates Minnesota's individual income‑tax schedule, increasing the income thresholds for existing brackets and creating a new fifth bracket that taxes income above $1 million for joint filers (or $600,000 for single and $800,000 for head‑of‑household) at 10.15%. It also expands the Minnesota child credit, though the specific credit changes are not detailed in the excerpt. The new rates and brackets apply to taxable years beginning after Dec. 31, 2025.

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