Minnesota HF4951 imposes a 100% tax on financial institutions' excess credit card interest income.
Minnesota HF4951 introduces a tax on financial institutions' excess credit card interest income. The tax applies to income exceeding a ten percent annual percentage rate. This tax is in addition to existing taxes and will be effective for taxable years starting after December 31, 2026. The bill defines "excess credit card interest income" and "credit card" to clarify the scope of the tax.
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