Purpose of the Bill

The bill aims to conduct a comprehensive study on the economic impact of tariffs on residents and businesses in Minnesota. The study seeks to understand how tariffs affect various sectors within the state economy, as well as households of different income levels.

Main Provisions

• Study of Economic Impact: The bill mandates a thorough analysis of tariffs imposed by the United States, along with any retaliatory tariffs by other countries. The objective is to quantify the effects on Minnesota's households and businesses.

• Focus Areas: The study will assess impacts across various income levels for households and across different sectors and sizes for businesses.

• Report Submission: The findings of the study must be submitted by the commissioner of management and budget to relevant legislative committees by February 1, 2026.

Significant Changes to Existing Law

• Appropriation of Funds: The bill appropriates funds from the state's general fund specifically for the purpose of conducting this study.

• There are no indications of changes to existing legislation, as this bill primarily introduces a new study requirement and funding allocation.

Relevant Terms

tariffs, economic impact, study, Minnesota, households, businesses, United States tariffs, retaliatory tariffs, income levels, business sectors, appropriations, state government finance, legislative report