The proposed bill introduces a gross receipts tax on various business-to-business services in Minnesota, codified under a new section in Minnesota Statutes, chapter 295. The tax is set at two percent of gross receipts from retail sales of specified taxable services, which include legal, accounting, engineering, and various consulting services, among others. The bill outlines the definitions of key terms such as "gross receipts," "taxable services," and "trade or business entity." It also stipulates that the tax is in addition to any other taxes imposed under existing laws and provides guidelines for tax collection, liability, and credits for taxes paid to other states.

Additionally, the bill mandates that trade or business entities with nexus in Minnesota must collect the tax from purchasers of taxable services and remit it to the commissioner of revenue. It includes provisions for tax credits for entities that have already paid taxes on the same gross receipts to another state. The bill also establishes administrative procedures for tax reporting, payment, and the handling of overpayments. The effective date for the implementation of this tax is set for services received after December 31, 2025.