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Minnesota's Individual Income Tax.pdf

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Preview of Minnesota's Individual Income Tax
🔗 Source: house.mn.gov
📊 Size: 28 KB
👤 Author: House Research
⬇️ Downloads: 200

Summary

Minnesota's income tax revenues were $10.7 billion in fiscal year 2016, accounting for 47% of state tax collections and 41% of all state revenues. The tax base is Minnesota taxable income (MTI), which is calculated from federal taxable income (FTI) with certain adjustments. The income tax is a graduated tax with four rates: 5.35%, 7.05%, 7.85%, and 9.85%, applied to income brackets that vary by filing status. Minnesota allows several nonrefundable and refundable credits against tax liability, including credits for taxes paid to other states, marriage, past military service, and working family credit. The income tax brackets are adjusted annually for inflation.

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Description

Minnesota's income tax revenues were $10.7 billion in fiscal year 2016, accounting for 47% of state tax collections and 41% of all state revenues.

Technical Information

  • File Format: PDF
  • File Size: 28 KB
  • Pages: 2
  • Language: EN
  • Author: House Research
  • Total Downloads: 200
  • Last Updated: 23 hours ago

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This PDF document about Minnesota's Individual Income Tax provides comprehensive information and guidance. Whether you're a beginner or advanced user, this resource offers valuable insights into Minnesota's Individual Income Tax.

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