This bill proposes an amendment to the Minnesota Constitution, specifically adding a new section to Article XIII that mandates the refunding of any positive unrestricted budgetary general fund balance at the end of a biennium to the taxpayers. The amendment stipulates that after accounting for any amounts reserved for cash flow or budget reserves, the remaining surplus must be refunded, with the specifics of the amount and timing determined by law. Additionally, any refunds received by taxpayers will not be classified as income for state tax purposes or for public benefits.

The proposed amendment will be presented to voters during the 2024 general election, where they will be asked whether they support the requirement for budget surplus refunds to taxpayers. The exact question posed to voters will be: "Shall the Minnesota Constitution be amended to require the refund of a budget surplus to the taxpayers of the state?"