The proposed bill establishes a new excise tax on social media platform businesses in Minnesota, specifically targeting those that collect consumer data. The tax is calculated based on the number of Minnesota users from whom data is collected within a month. The bill includes definitions for key terms such as "consumer," "consumer data," and "social media platform business," and outlines the responsibilities of these businesses regarding recordkeeping, tax reporting, and payment. It also provides a mechanism for businesses to claim a credit against the tax if they have already paid a similar tax in another jurisdiction.

Additionally, the bill specifies that the revenues generated from this tax will be deposited into the general fund and establishes that the tax, along with any associated interest and penalties, constitutes a personal debt of the individual responsible for filing the return. The provisions of the bill will take effect for consumer data collected after December 31, 2025.