Individual income tax and corporate franchise tax phased out.

HF 3115 gradually eliminates Minnesota's individual income tax and corporate franchise tax over four years. Starting in 2026, taxpayers pay 80% of the tax, reducing to 60% in 2027, 40% in 2028, and 20% in 2029. The bill repeals numerous tax statutes in Minnesota Statutes, chapter 290, and requires the revisor of statutes to identify additional changes needed for full repeal by 2026. This directly affects all Minnesota residents and businesses subject to these taxes.