S.F. No. 2842 Summary

• Imposes a 50 percent gross revenues tax on manufacturers and retailers of products containing PFAS (perfluoroalkyl and polyfluoroalkyl substances) in Minnesota, effective the day following final enactment.

• Requires monthly informational reports from taxpayers and annual tax payments using the filing cycle and due dates under Minnesota's existing corporate income tax provisions.

• Establishes the "xx cleanup account" in the special revenue fund, funded by annual transfers of PFAS tax revenues by July 15, with accounts managed by the State Board of Investment.

• Creates the XX Advisory Commission with 9 members (two house members each appointed by majority and minority leaders, two senators each appointed by majority and minority leaders, and the commissioner of natural resources or designee) to recommend proper use of cleanup account funds in annual reports to the State Board of Investment.

• Commission must make initial appointments by January 15, 2024, hold its first meeting by July 1, 2024, and submit its first report by December 15, 2024.