HF 4 appropriates $42.3 million for Minnesota's Department of Commerce in fiscal year 2026, with $42.9 million for 2027. It funds specific programs including $400,000 annually for a financial inclusion initiative targeting low-income and underserved populations to build savings and credit, and $543,000 yearly for additional examiners to oversee financial institutions. The bill also allocates $353,000 per year for cybersecurity upgrades to the unclaimed property system and $500,000 to operate the Prescription Drug Affordability Board. These funding mechanisms directly support commerce and consumer protection activities under the Department of Commerce's budget.
HF 9 is a comprehensive tax reform bill that modifies multiple tax provisions across Minnesota. It directly affects individuals (through changes to income tax brackets and credits), businesses (including data centers losing electricity tax exemptions), and local governments (by eliminating cannabis aid funding). Key provisions include making the research and development tax credit partially refundable, increasing taxes on cannabis products, and removing the sales tax exemption for electricity at data centers. The bill also adjusts property tax exemptions, modifies corporate franchise taxes, and makes technical changes to various tax statutes.
