This bill proposes the establishment of an excise tax on social media platform businesses in Minnesota, specifically targeting those that collect consumer data. The new legal language outlines the tax's structure, including its imposition based on the number of Minnesota users from whom data is collected monthly. It defines key terms such as "consumer," "consumer data," and "social media platform business," and establishes the presumption that consumers with Minnesota addresses are considered Minnesota consumers for tax purposes. The bill also includes provisions for record-keeping, tax credits for taxes paid to other jurisdictions, and the administration of the tax in accordance with existing tax laws.

Additionally, the bill mandates that revenues from this tax, including any penalties and interest, be deposited into the general fund. It specifies that the tax will apply to consumer data collected after December 31, 2025, and outlines the personal liability of individuals responsible for filing returns related to the tax. Overall, this legislation aims to create a new revenue stream from social media platforms operating in Minnesota while ensuring compliance and accountability in the collection of consumer data.