MN HF4671

Establishes the Minnesota Center for American Descendants of Slavery as a nonprofit organization to address disparities and invest in education, housing, economic development, health care, community engagement, faith-based organizations, and agriculture.

Imposes a 5% annual net investment income tax on individuals, estates, and trusts with net investment income exceeding $250,000, effective for taxable years beginning after December 31, 2021 and ending before January 1, 2032.

Allocates net revenue from the new tax annually through fiscal year 2033 to the center with specific amounts: $200 million for E-12 education; $100 million for housing; $150 million for economic development; $200 million for health care; $50 million for civic engagement and youth; $50 million for vocational and higher education; and $250 million for agricultural programs.

Requires the Minnesota Center for American Descendants of Slavery to report annually to the legislature by September 1 detailing fund use, itemized programs and projects, and actual and proposed expenditures.

All tax revenue is deposited in the general fund and allocated proportionately if insufficient to support the designated amounts in any given year.