This bill mandates a study to assess the economic impact of tariffs on Minnesotans, specifically focusing on how these tariffs affect households and businesses within the state. An appropriation of funds from the general fund is designated for this purpose, with a specified amount allocated for fiscal year 2026. The study will analyze tariffs imposed by the United States and any retaliatory tariffs from other countries, aiming to quantify the economic effects on households categorized by income level and businesses classified by sector and size.

The commissioner of management and budget is tasked with conducting this study and is required to submit a report detailing the findings by February 1, 2026. This report will be presented to the chairs and ranking minority members of the Committee on Ways and Means in the House of Representatives and the Committee on Finance in the Senate, ensuring that key legislative members are informed of the study's outcomes and implications for Minnesota's economy.