MN HF2996

Proposes amendment to Minnesota Constitution, Article XIII, requiring refund of positive unrestricted general fund balance to taxpayers at end of each biennium.

Allows legislature to set aside portions of surplus for cash flow accounts and budget reserves before determining refund amounts.

Requires legislature to establish standards or methods by law for determining refund amounts and timing of distribution to taxpayers.

Exempts refunded amounts from being considered income for state tax or public benefit eligibility purposes.

Amendment scheduled for voter approval at 2024 general election with ballot question asking whether constitution should be amended to require budget surplus refunds.