Bill > SF2478

This bill proposes a constitutional amendment to establish a Minnesota Tax Relief Account that would automatically return excess tax collections to state taxpayers when projected state revenues exceed 105% of projected expenditures. Specifically, when the state's biennial budget forecast shows revenues surpassing 105% of expected spending, the surplus funds would be deposited into a special account. The legislature would then be required to use these funds either to provide tax refunds or rebates to taxpayers (which would be non-taxable) or to offset general fund tax reductions. The proposed amendment would be submitted to voters in the 2026 general election, with the ballot question asking whether the Minnesota Constitution should be amended to create this tax relief account and require the legislature to use surplus funds for tax relief. If approved, this would create a new mechanism for automatically returning excess state revenues to taxpayers when state finances are running significantly above projections.