Minnesota bill proposes an excise tax on social media platform businesses based on the number of Minnesota consumers' data collected.

The bill introduces an excise tax on social media platform businesses in Minnesota, targeting those that collect consumer data on more than 100,000 Minnesota residents monthly. The tax rate varies: $0.10 per consumer for up to 100,000 consumers, $40,000 plus $0.25 per consumer for 100,000 to 500,000 consumers, and $165,000 plus $0.50 per consumer for over 500,000 consumers. Businesses can claim a credit for taxes paid to other states with identical tax laws. The tax revenue, including penalties and interest, will be deposited into the state's general fund.

Minnesota bill proposes an excise tax on social media platform businesses based on the number of Minnesota consumers' data collected.

The bill introduces an excise tax on social media platform businesses in Minnesota, targeting those that collect consumer data on more than 100,000 Minnesota residents monthly. The tax rate varies: $0.10 per consumer for up to 100,000 consumers, $40,000 plus $0.25 per consumer for 100,000 to 500,000 consumers, and $165,000 plus $0.50 per consumer for over 500,000 consumers. Businesses can claim a credit for taxes paid to other states with identical tax laws. The tax revenue, including penalties and interest, will be deposited into the state's general fund.