Bill > HF4

This bill proposes a constitutional amendment to establish a Minnesota Tax Relief Fund that would automatically return surplus tax revenue to state taxpayers when the state's general fund is projected to have a balance exceeding 105% of expected expenditures. Under this proposed amendment, the state would transfer the surplus amount to a dedicated tax relief fund, which can only be used to provide one-time refunds to property and income taxpayers with annual incomes under $1,000,000. The refunds would not be considered taxable income, and the fund can also be used to offset state general fund tax reductions. The proposed amendment would be submitted to voters in the 2026 general election, with voters asked to approve the creation of this tax relief mechanism that aims to return excess state revenues directly to qualifying taxpayers. This approach represents a structured method to provide tax relief when the state's financial projections indicate a significant budget surplus.

Budget and Finance, Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0004&ssn=0&y=2025