Minnesota wealth tax established.

This bill establishes a new state wealth tax in Minnesota that would apply to individuals and trusts with taxable wealth exceeding $10 million. The tax would be calculated as one percent of the amount above that threshold, based on the total value of all property owned within Minnesota minus any debts owed by the taxpayer. Property values would be determined using the same valuation methods used for federal estate taxes, and the tax would apply to both residents and nonresidents who own property in the state. The legislation would take effect for taxable years beginning after December 31, 2025, and would be collected in addition to existing state taxes.