T Tax Y Year 20 2024 Statutory Am Amount Yea Year Statutory Tax Year 2024 Year Amount Section Descripti Section Descripti Section Description on Tax Year 2024 Inflation-Adjusted Amounts In Minnesota Statutes As required by Minnesota Statutes 270C.22, Subd. 2, the following table provides the dollar amounts specified in Minnesota Statutes after adjusting for inflation. All income tax amounts are for tax year 2024. Property tax refund amounts are for tax year 2023. The final table shows the amounts for the renter's credit for tax year 2024. The standard deduction amounts below assume a legislative solution in 2024 to a drafting error in the 2023 tax bill that used the incorrect year for the inflation adjustment of the standard deduction, additional standard deduction for aged or blind taxpayers, and the standard deduction for dependents. Statutory Tax Year 2024 Section Description Year Amount 270A.03, Subd. 5 Debtor Exemption Income Threshold Unmarried debtor 2019 $15,870 Debtor with one dependent 2019 $20,330 Debtor with two dependents 2019 $24,040 Debtor with three dependents 2019 $27,270 Debtor with four dependents 2019 $28,760 Debtor with five or more dependents 2019 $29,990 290.0121, Subd. 1 Dependent Exemption 2019 $5,050 290.0121, Subd. 2 Disallowed Exemption Amount Married Joint or Surviving Spouse 2019 $348,850 Head of Household 2019 $290,700 Single 2019 $232,550 Married Separate 2019 $174,425 290.0122, Subd. 2 Itemized Deduction Limitation 1st Phase-Out Threshold 2023 $232,500 Married Separate 2023 $116,250 2nd Phase-Out Threshold 2023 $321,350 Married Separate 2023 $160,675 80% Limitation 2023 $1,053,750 290.0123, Subd. 1 Standard Deduction Married Joint or Surviving Spouse 2019 $29,150 Head of Household 2019 $21,900 Single, Married Separate 2019 $14,575 290.0123, Subd. 2 Additional Standard Deduction for Aged or Blind Married or Surviving Spouse 2019 $1,550 Single, Head of Household, Married Separate 2019 $1,950 290.0123, Subd. 3 Standard Deduction for Dependents Minimum Deduction 2019 $1,300 Additional Deduction over Earned Income 2019 $400

290.0123, Subd. 5 Standard Deduction Limitation 1st Phase-Out Threshold 2023 $232,500 Married Separate 2023 $116,250 2nd Phase-Out Threshold 2023 $321,350 Married Separate 2023 $160,675 80% Limitation 2023 $1,053,750 290.0132, Subd. 26 Social Security Subtraction

Simplified Subtraction Phase-out Threshold Married Joint or Surviving Spouse 2023 $105,380 Single; Head of Household 2023 $82,190 Married Separate 2023 $52,690 Alternate Subtraction Maximum Subtraction Married Joint or Surviving Spouse Not Indexed $5,840 Single, Head of Household Not Indexed $4,560 Married Separate Not Indexed $2,920 Phase-out Threshold Married Joint or Surviving Spouse Not Indexed $88,630 Single; Head of Household Not Indexed $69,250 Married Separate Not Indexed $44,315 290.0132, Subd. 34 Public Pension Subtraction Maximum Subtraction Married Joint or Surviving Spouse 2023 $26,340 Single, Head of Household, Married Separate 2023 $13,170 Phase-out Threshold Married Joint or Surviving Spouse 2023 $105,380 Single; Head of Household 2023 $82,190 Married Separate 2023 $52,690 290.06, Subd. 2c Income Tax Brackets Married Joint or Surviving Spouse 2nd Bracket Threshold 2019 $46,330 3rd Bracket Threshold 2019 $184,040 4th Bracket Threshold 2019 $321,450 Married Separate 2019 2nd Bracket Threshold 2019 $23,165 3rd Bracket Threshold 2019 $92,020 4th Bracket Threshold 2019 $160,725

Income Tax Brackets (Cont.) Single 2nd Bracket Threshold 2019 $31,690 3rd Bracket Threshold 2019 $104,090 4th Bracket Threshold 2019 $193,240 Head of Household 2nd Bracket Threshold 2019 $39,010 3rd Bracket Threshold 2019 $156,760 4th Bracket Threshold 2019 $256,880 290.067, Subd. 1 Dependent Care Credit Phase-out Threshold 2019 $62,410 290.0661, Subd. 3 Child Credit Maximum Credit 2025 $1,750 290.0661, Subd. 4 Child and WFC Phase-out Threshold Married Joint 2023 $36,880 All Other Filers 2023 $31,090 290.0671, Subd. 1 Working Family Credit Earned Income for Maximum Credit 2023 $9,220 Additional Credit for: One Qualifying Older Child 2023 $970

Two Qualifying Older Children 2023 $2,210

Three or More Qualifying Older Children 2023 $2,630 290.0674, Subd. 2 K-12 Credit Phase-out Threshold 2023 $73,760 290.0684, Subd. 2 Section 529 Plan Credit 1st Phase-out Threshold 2019 $93,610 2nd Phase-out Threshold 2019 $168,500 290.091, Subd. 3 AMT Exemption Married Joint 2019 $92,710 Married Separate 2019 $46,360 Single; Head of Household 2019 $69,530

290.0922, Subd. 1 Corporate Minimum Fee 2nd Bracket Threshold 2019 $1,220,000 3rd Bracket Threshold 2019 $2,440,000 4th Bracket Threshold 2019 $12,200,000 5th Bracket Threshold 2019 $24,390,000 6th Bracket Threshold 2019 $48,780,000 2nd Bracket Fee 2019 $250 3rd Bracket Fee 2019 $730 4th Bracket Fee 2019 $2,440 5th Bracket Fee 2019 $4,890 6th Bracket Fee 2019 $12,200

Tax Year 2023 Property Tax Refund Amounts 290A.04, Homeowners; Homestead Credit Refund Subd. 2 Schedule for 2023

Percent of Percent Paid

Maximum Household Income Income by Claimant Refund $0 - $2,079 1.0% 12% $3,310 $2,080 - $4,139 1.1% 12% $3,310 $4,140 - $6,269 1.2% 12% $3,310 $6,270 - $8,369 1.3% 17% $3,310 $8,370 - $10,439 1.4% 17% $3,310 $10,440 - $14,619 1.5% 17% $3,310 $14,620 - $16,689 1.6% 17% $3,310 $16,690 - $18,799 1.7% 17% $3,310 $18,800 - $20,879 1.8% 17% $3,310 $20,880 - $22,949 1.9% 22% $3,310 $22,950 - $29,239 2.0% 22% $3,310 $29,240 - $31,319 2.0% 27% $3,310 $31,320 - $35,509 2.0% 27% $3,310 $35,510 - $50,099 2.0% 32% $3,310 $50,100 - $73,059 2.0% 32% $2,680 $73,060 - $83,499 2.0% 37% $2,350 $83,500 - $93,939 2.1% 37% $1,940 $93,940 - $104,379 2.2% 37% $1,740 $104,380 - $114,819 2.3% 37% $1,520 $114,820 - $121,089 2.4% 42% $1,280 $121,090 - $125,289 2.5% 42% $1,070 $125,290 - $130,349 2.5% 47% $870 $130,350 - $135,409 2.5% 47% $650 $135,410 & up Not Eligible

290A.04, Renters; Property Tax Refund Subd. 2a Schedule for 2023 Note: Tax year 2023 is the last year of the property tax refund for renters. It will be replaced by a credit claimed on the individual income tax return beginning with tax year 2024. The table below shows the 2023 refund amounts. The table on the following page shows the tax year 2024 credit amounts.

Percent of Percent Paid

Maximum Household Income Income by Claimant Refund $0 - $6,299 1.0% 5% $2,570 $6,300 - $8,359 1.0% 10% $2,570 $8,360 - $10,459 1.1% 10% $2,500 $10,460 - $14,659 1.2% 10% $2,440 $14,660 - $18,859 1.3% 15% $2,370 $18,860 - $20,939 1.4% 15% $2,310 $20,940 - $23,009 1.4% 20% $2,250 $23,010 - $27,219 1.5% 20% $2,170 $27,220 - $29,309 1.6% 20% $2,120 $29,310 - $31,399 1.7% 25% $2,120 $31,400 - $35,599 1.8% 25% $2,120 $35,600 - $37,679 1.9% 30% $2,120 $37,680 - $43,959 2.0% 30% $2,120 $43,960 - $50,229 2.0% 35% $2,120 $50,230 - $58,619 2.0% 40% $2,120 $58,620 - $60,699 2.0% 45% $1,920 $60,700 - $62,809 2.0% 45% $1,730 $62,810 - $64,909 2.0% 45% $1,470 $64,910 - $66,989 2.0% 50% $1,280 $66,990 - $69,089 2.0% 50% $1,160 $69,090 - $71,179 2.0% 50% $650 $71,180 - $73,269 2.0% 50% $250 $73,270 & up Not Eligible 290A.03, Subd. 12 Gross Rent Nursing Home Resident $600 Adult Foster Care Home Resident $930

Tax Year 2024 Renter's Credit 290.0693, Renter's Credit Subd. 3 Note: Beginning with tax year 2024, the property tax refund for renters will be replaced with an individual income tax credit. The table below shows the credit amounts for tax year 2024.

Percent of Percent Paid Household Income Income by Claimant Maximum Credit $0 - $6,479 1.0% 5% $2,640 $6,480 - $8,609 1.0% 10% $2,640 $8,610 - $10,759 1.1% 10% $2,570 $10,760 - $15,089 1.2% 10% $2,510 $15,090 - $19,399 1.3% 15% $2,430 $19,400 - $21,539 1.4% 15% $2,370 $21,540 - $23,679 1.4% 20% $2,310 $23,680 - $28,009 1.5% 20% $2,240 $28,010 - $30,159 1.6% 20% $2,180 $30,160 - $32,309 1.7% 25% $2,180 $32,310 - $36,629 1.8% 25% $2,180 $36,630 - $38,769 1.9% 30% $2,180 $38,770 - $45,229 2.0% 30% $2,180 $45,230 - $51,689 2.0% 35% $2,180 $51,690 - $60,319 2.0% 40% $2,180 $60,320 - $62,459 2.0% 45% $1,980 $62,460 - $64,619 2.0% 45% $1,780 $64,620 - $66,789 2.0% 45% $1,510 $66,790 - $68,929 2.0% 50% $1,320 $68,930 - $71,089 2.0% 50% $1,190 $71,090 - $73,239 2.0% 50% $660 $73,240 - $75,389 2.0% 50% $260 $75,390 & up Not Eligible 290.0693, Subd. 1(e) Gross Rent (Tax Year 2024) Nursing Home Resident $630 Adult Foster Care Home Resident $980 Minnesota Department of Revenue Tax Research Division December 8, 2023