HF4

The legislative bill proposes an amendment to the Minnesota Constitution to create a new system for handling the state's budget surplus. Under this amendment, a special account called the "Minnesota tax relief account" would be established. When the state's predicted revenues exceed 105% of its forecasted expenditures, the surplus funds would be deposited into this account. The money in the account would then be used to provide tax refunds or rebates to Minnesota taxpayers or to reduce taxes. These refunds or rebates would not be subjected to state taxes. The proposal for this amendment will be presented to Minnesota voters in the 2026 general election, where they will decide whether to approve the amendment with a "Yes" or "No" vote.