The bill establishes a tax-forfeited lands settlement account in Minnesota, which includes provisions for participating counties to engage in a settlement agreement related to tax-forfeited lands. It defines key terms such as "applicable start date," "commissioner," and "settlement," and outlines the requirements for counties that choose to participate. These requirements include providing necessary property tax records, making good faith efforts to sell certain forfeited properties, and remitting a percentage of sale proceeds to the state. Specifically, counties must conduct sales for no less than appraised value and ensure that 75% of proceeds from sales before June 30, 2027, and 85% from sales between July 1, 2027, and June 30, 2029, are sent to the commissioner for deposit in the general fund.

Additionally, the bill appropriates $109 million from the general fund to the commissioner of management and budget for payments to the claims administrator as part of the settlement, with a deadline for unspent funds to be returned by June 30, 2026. Participating counties are required to report annually on their efforts to sell forfeited properties, and the commissioner must compile and present this information to relevant legislative committees. The bill also includes a provision that counties failing to notify the claims administrator of their non-participation by August 1, 2024, will be deemed participating counties, thus retaining liability for claims related to properties forfeited before January 1, 2024.