The bill proposes the establishment of an "Iron Ore Mining Additional Unemployment Benefits Program" in Minnesota, which will provide additional unemployment benefits to individuals laid off from the iron ore mining industry or related sectors after May 19, 2025. To qualify for these benefits, applicants must have established a benefit account with at least 50% of their wage credits from an eligible employer and must have exhausted their regular unemployment benefits. The additional benefits will be available through May 30, 2026, and will match the weekly benefit amount of the applicant's regular unemployment benefits, with a maximum of 26 weeks of additional payments.

Furthermore, the bill outlines the process for applicants who qualify for a new regular benefit account after exhausting their initial benefits. It specifies that if the new account offers a higher weekly benefit, the applicant must switch to that account, while those with a lower benefit can continue to receive additional unemployment benefits. Additionally, the bill states that the costs of these additional benefits will not affect the future unemployment tax rates for most employers, except for those directly in the iron ore mining sector. It also clarifies that individuals eligible for federal Trade Readjustment Allowance benefits will not qualify for the additional state benefits. The provisions of this bill will take effect the day after it is enacted.