Individual income tax and corporate tax phasing out provision

SF 3301 gradually phases out Minnesota's individual income tax and corporate franchise tax over four years. Starting in 2026, taxpayers pay 80% of their calculated tax bill, reducing to 60% in 2027, 40% in 2028, and 20% in 2029. This directly affects individuals and businesses subject to Minnesota's income and corporate taxes. The bill also repeals specific tax statutes and requires the revisor of statutes to identify additional changes needed for full repeal by 2026.