This bill proposes several changes to taxation in Minnesota, including a reduction in the threshold for the special property tax refund from 12% to 8% and an increase in the maximum refund from $1,000 to $1,500 for homeowners experiencing significant property tax increases. The bill also introduces a new excise tax on social media platform businesses based on the number of Minnesota consumers from whom they collect data, with specific definitions and provisions for record-keeping and administration. Additionally, it establishes a one-time public safety aid for local and Tribal governments, detailing how the aid will be calculated and allocated, as well as the eligible uses for the funds.

The bill includes provisions for the effective dates of these changes, with the property tax refund adjustments applicable for claims based on taxes payable in 2026 and the social media tax effective for data collected after December 31, 2026. The public safety aid is set to be certified by September 1, 2026, with payments made by December 26, 2026. A report is also mandated for recipients of the public safety aid to detail the amount received and its intended use, which must be compiled and submitted to legislative committees by 2027.

Statutes affected:
Introduction: 290A.04