Tax on certain credit card interest income imposed.

This bill proposes a new 100% tax on the portion of credit card interest income earned by financial institutions that exceeds a 10% annual percentage rate. The measure directly affects banks and other lenders operating in Minnesota, requiring them to pay the tax on the excess interest collected from their credit card customers. The tax will only apply to taxable years beginning after December 31, 2026, and the amount subject to tax is calculated based on the institution's specific share of activity within the state.