Minnesota HF5040 establishes a tax on individuals and organizations convicted of and benefiting from fraud.

Minnesota HF5040 creates a tax on individuals and organizations convicted of and benefiting from fraud. The tax applies to amounts obtained by fraud, regardless of any restitution or penalties imposed. The commissioner of revenue must investigate and assess the tax, which is deposited into the tax relief account for income or property tax relief. The tax is effective retroactively for fraud determinations made after December 31, 2019.

Minnesota HF5040 establishes a tax on individuals and organizations convicted of and benefiting from fraud.

Minnesota HF5040 creates a tax on individuals and organizations convicted of and benefiting from fraud. The tax applies to amounts obtained by fraud, regardless of any restitution or penalties imposed. The commissioner of revenue must investigate and assess the tax, which is deposited into the tax relief account for income or property tax relief. The tax is effective retroactively for fraud determinations made after December 31, 2019.