The "Give it Back Act of 2023" proposes a temporary reduction in individual income tax rates in Minnesota by one percentage point across all filing statuses. Specifically, the bill amends the current tax rates by substituting 4.35 percent for 5.35 percent, 5.8 percent for 6.8 percent, 6.85 percent for 7.85 percent, and 8.85 percent for 9.85 percent. These changes are intended to provide immediate financial relief to taxpayers.

The effective date for these tax rate reductions is set for taxable years beginning after December 31, 2022, and before January 1, 2025. This limited timeframe indicates that the tax relief is designed to be a temporary measure, allowing taxpayers to benefit from lower rates for a defined period.