The bill proposes an amendment to the Minnesota Constitution, specifically adding a new section to Article X that mandates a supermajority vote of at least two-thirds of the members in each house of the legislature for any law that would increase state revenues. This includes modifications to existing state taxes, tax credits, refunds, fees, premiums, or the imposition of new state taxes or charges. The proposed amendment aims to ensure that any increase in state revenue is subject to a higher threshold of legislative approval.

Additionally, the bill stipulates that this proposed constitutional amendment must be submitted to the voters during the 2024 general election. The ballot question will ask whether the Minnesota Constitution should be amended to require a two-thirds majority in each house of the legislature for passing any legislation that increases state revenue through taxes or fees.