The proposed bill seeks to amend the Minnesota Constitution by adding a new section to Article XI, which would establish a "Taxpayer's Bill of Rights." This amendment would limit state spending increases to a maximum biennial percentage change that is equal to the combined rate of inflation and the percentage change in state population. The bill specifies that state spending includes all expenditures and reserve increases, but excludes federal funds, excess revenue refunded to taxpayers, certain approved expenditures, and other specified categories. Inflation is defined using the Consumer Price Index for the Minneapolis-St. Paul-Bloomington area, while population changes are based on federal estimates and adjusted every decade.

Additionally, the bill mandates that the proposed amendment be presented to voters during the 2024 general election, with a specific question regarding the amendment's adoption. If approved, this constitutional change would significantly impact how state budgets are formulated, ensuring that spending does not exceed the growth of inflation and population, thereby aiming to promote fiscal responsibility and protect taxpayer interests.